The New Zealand sharemarket has finished the week on a mixed note, with the benchmark NZX 50 Index slipping slightly despite twice as many rising stocks than fallers.
The index fell 4.726 points, or 0.09 per cent, to 5178.435 on Friday. Within the index, 14 stocks, 28 rose and eight were unchanged, but out of the market's top 10 stocks fallers outnumbered risers by six to three. Turnover was $133.6 million.
New Zealand's largest listed company Fletcher Building fell 2.1 per cent to a 15-month low of $8.95 following building consents figures showing a 5.2 per cent drop in April.
Telecom fell 1.1 per cent to $2.69 after being cleared by the Commerce Commission to buy the final lot of 700 megahertz radio spectrum flagged for fourth-generation mobile use.
A2 Milk dropped 2.5 per cent to a two-week low of 78 cents after its dairy processor Synlait cut its profit forecast for the second time this year, citing in part the volatility of global dairy prices.
Off the benchmark index, Synlait declined 8.8 per cent to a nine-month low of $3.10.
"Investors are getting a little bit nervous because of the volatility of Synlait s guidance and share price," said Grant Williamson, director at Hamilton Hindin Greene.
"This is not the first time they have had to adjust their guidance and it reflects the fact forecasting in that industry with accuracy is difficult."
Pacific Edge dropped 1.2 per cent to a seven-month low of 85 cents, its sixth consecutive fall after announcing its full-year loss had widened 44 per cent.
"Pacific Edge has had a pretty torrid week," said Chris Timms, investment adviser at Craigs Investment Partners.
Similar growth stocks followed suit. Xero dropped two per cent to $32.00 while Diligent Board Member Services declined 0.5 per cent to $4.19.
F&P Healthcare climbed 2.5 per cent to an eight-year high of $4.60.
The breathing apparatus manufacturer, which exports 98 per cent of its product and the kiwi dollar is headed for a 0.4 per cent decline this week.
"They do have a very good hedging policy in place but a lot of people associate a weakening dollar of being beneficial to them," said Mr Timms.
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