The New Zealand share market was weak today, as markets worldwide appeared fraught with worry about the $100 billion euro bailout indebted Spain had received earlier this week.
It increased the euro zone's fourth-largest economy's debt levels further. Markets are looking anxiously to the Greek election this Sunday.
The NZX50 index was down 0.8 per cent or 26.23 points to 3428.00. Within the index, 33 stocks fell, 10 rose and seven were unchanged.
One Path New Zealand senior investment analyst Craig Brown said that there was a weak tone across the leading stocks.
"Despite a positive day in Australia, New Zealand's sharemarket was negative following on from the weak lead in offshore markets particularly in the US driven by issues in Europe with bailout in Spain and continuation of issues in debt Europe," Brown said.
"Rakon was down a bit but in terms of liquidity it was a quiet day for trading volumes. Investors remain cautious."
Rakon, the market of crystal timing devices used in technology, was down 4.2 per cent to 46c. OceanaGold fell 3.7 per cent to $2.60. Fisher & Paykel Appliances, the whiteware manufacturer and exporter, was down 3.6 per cent to 53c.
Construction materials supplier Steel & Tube Holdings fell 2.8 per cent to $2.11. Australian food ingredient maker Goodman Fielder fell 2.7 per cent to 73c.
Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was down 2.4 per cent to $2.04. Trade Me Group fell 2.1 per cent to $3.8.
Jewellery retailer Michael Hill was down 2 per cent to $1.00. Goodman Property Trust fell 2 per cent to $1.00. Telecom was down 1.85 per cent to $2.39.
Carpet maker Cavalier led the gaining stocks with a 3.7 per cent rise to $1.68. Rural services company PGG Wrightson was up 3.3 per cent to 31c. Would be bank Heartland rose 2 per cent to 52c.
Restaurant Brands, the operator behind fast food chains KFC and Pizza Hutt, rose 1.9 per cent to $2.15. Ebos Group was up 1.3 per cent to $7.55.
Children's clothing chain Pumpkin Patch rose 1.1 per cent to 92c. Australian wealth manager AMP was up 0.6 per cent to $4.95.
Insurance company Tower was up 0.6 per cent to $1.67. Infrastructure investor Infratil rose 0.5 per cent to $2.03.
- © Fairfax NZ News
Stocks throws no-hitter for C.B. South in softball semifinal - Philadelphia Daily News
Once Stocks retired the first nine batters she faced, "It's no longer you're doing it for the win," Decker said. "You're also doing it for a teammate."
By the end of the PIAA Class AAAA semifinal, Decker's uniform was covered with dirt. She had preserved her fellow senior's first high school no-hitter with two spectacular plays.
In the fifth inning, Decker went for a grounder, balanced on her knees, and threw out the Falcons' No. 7 hitter, Farryl Groder, by a step. In the sixth, No. 9 hitter Taylor Boltersdorf sliced a foul several feet to the right of the third-base bag. Again, Decker ranged over and dove to make the catch.
"That energizes you," Decker said of the no-hitter. "Everyone knew. Everyone realized. Just nobody wanted to say anything."
From the bench, coach Dan Hayes sensed "something special" could happen beginning in the third inning, too. He had seen Stocks dominate all season long, so a no-hitter was a possibility.
On this day, Hayes watched batter after batter step to the plate and hit nothing more than a jam-shot fly ball or grounder off the end of the bat.
"Every pitch was a good pitch," he said.
The only Titans player whose adrenaline didn't skyrocket, it seemed, was Stocks herself. She simply focused on her wind-up and the catcher's mitt.
Last year, after reaching the state final and state semifinals the two previous years, C.B. South's season of high expectations ended in the district quarterfinals.
"It was just bitter," Stocks said. "We don't really want to feel that way again."
On Monday, Stocks said she wasn't worried about giving up hits, only about getting the win.
The Titans (21-4), who are led by eight seniors, scored three runs in the first inning, including two on a double by catcher Lauren Klepchick. Stocks added two in the second with a long home run to center field.
On the mound, a four-pitch walk to No. 3 hitter Christina Bascara was the only mistake she made all afternoon. Stocks, a Robert Morris recruit, threw 77 total pitches, 50 for strikes, and never more than 17 in one inning. She struck out four batters, but none after the fourth.
Asked whether she had thrown a no-hitter before, Stocks said: "I think I have. I know I threw a perfect game when I was, like, 10. I don't really keep track of it."
When Pennsbury's Suzanne Swanicke flied out to center for the final out, Stocks walked off the mound smiling and slapped hands with Hayes, who met her in front of the first-base dugout.
The unassuming righthander had just thrown a no-hitter in a state semifinal - against last year's state runner-up, no less - but all she received afterward were a few pats on the back from her teammates and a couple of hugs from her grandparents.
As the umpires exited through the right-field gate, one turned to the other two: "She pitched a no-hitter?" he asked.
Pennsbury 000 000 0 - 0 0 1
Central Bucks So. 320 101 x - 7 8 0
WP: Haileigh Stocks. LP: Val Buehler. 2B: CBMorgan Decker, Lauren Klepchick. HR: CBHaileigh Stocks.
Contact Brian Kotloff at rallysports@phillynews.com.
Asia Stocks Slip on Spanish Bailout Doubts - Businessweek
Asian stocks fell, with the regional benchmark index retreating from a two week high, as surging Spanish bond yields stoked concern that a bailout for the nation’s banks won’t tame the European debt crisis.
Esprit Holdings Ltd. (330), a clothier that counts Europe as its No. 1 market, decreased 1 percent in Hong Kong. Brilliance China Automotive Holdings Ltd. dropped 2 percent, pacing declines among Chinese carmakers, after the government said vehicle prices dropped in May. BHP Billiton Ltd., the world’s biggest mining company and Australia’s largest oil producer, lost 0.6 percent in Sydney as crude and copper futures slid.
The MSCI Asia Pacific Index (MXAP) fell 0.8 percent to 112.65 as of 3:16 p.m. in Tokyo, with about two shares sliding for each that rose. The gauge dropped 12 percent from its peak this year on Feb. 29 through yesterday amid concern economic growth is slowing in China and the U.S. and as Europe’s debt crisis intensified.
“There appears to be plenty of cynicism,” said George Boubouras, Melbourne-based head of investment strategy at UBS AG’s Australian wealth-management unit. The Swiss bank has about $1.5 trillion in assets under management. “Spain will remain the focus for a few days as markets review all possible outcomes and implications for other troubled euro-zone members. More firewalls will be required for other euro-zone countries.”
Japan’s Nikkei 225 Stock Average (NKY) declined 1 percent, paring losses of as much as 2 percent as the yen fell after the International Monetary Fund said the currency is overvalued. A weaker yen boosts the value of overseas earnings of the nation’s exporters when repatriated.
South Korea’s Kospi Index, Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index slid 0.7 percent. Australia’s S&P/ASX 200 Index added 0.2 percent.
Contagion Concerns
Futures on the Standard & Poor’s 500 Index gained 0.4 percent today. The gauge lost 1.3 percent yesterday in New York after climbing as much as 0.7 percent in the first minutes of trading as optimism faded that Spain’s bank bailout plan will contain the European debt crisis.
Spanish bond yields surged the most in four months after the government sought a bailout of 100 billion euros ($125 billion) for its banks. European officials have struggled to control the debt crisis that began in Greece at the end of 2009.
“Contagion concern is still pretty much alive,” Eddie Tam, chief executive officer of Central Asset Investments, said on Bloomberg Television. “We’re staying on the sidelines at least until the Greek election results.”
Close Race
Polls show a June 17 election in Greece may be a close race. An election on May 6 failed to produce a viable governing majority. Syriza party leader Alexis Tsipras has pledged to keep Greece in the euro while scrapping bailout terms in order to end the hardship brought on by austerity. Meanwhile, pro-bailout proponents, such as New Democracy leader Antonis Samaras, have framed the contest as a decision on whether to leave the euro area.
Companies that do business in Europe declined. Esprit dropped 1 percent to HK$13.32 in Hong Kong. HSBC Holdings Plc (5), Europe’s biggest lender by market value, slid 1.2 percent to HK$64.10. Cosco Pacific Ltd., which operates a port in Greece, fell 2.4 percent to HK$9.75.
China’s carmakers fell as passenger-vehicle prices decreased 1.7 percent in May, the most in at least 23 months, according to the Cheng Xiaodong, head of auto-price monitoring unit of the National Development and Reform Commission.
Brilliance, BYD
Brilliance, the partner Bayerische Motoren Werke AG in China, dropped 2 percent to HK$7.56. BYD Co. (1211), a maker of electric cars part-owned by Warren Buffett’s Berkshire Hathaway Inc., slid 1.2 percent to HK$15.10.
Automakers are overstocking cars at a time when dealers are pessimistic about their sales prospects, Cheng said. Zhongsheng Group Holdings Ltd., China’s largest publicly traded automobile dealer by revenue, sank 3.6 percent to HK$10.70.
Raw-material producers declined after copper futures fell as much as 1.2 percent and traded near a five month low. Oil dropped for a fourth day after Saudi Arabian Oil Minister Ali al-Naimi said the Organization of Petroleum Exporting Countries may need a higher production quota.
BHP lost 0.6 percent to A$31.72 in Sydney. Rio Tinto Group (RIO), the world’s third-largest mining company, slipped 1.7 percent to A$54.65. Cnooc Ltd., China’s biggest offshore oil producer, fell 1.5 percent to HK$14.40 in Hong Kong.
Qantas Jumps
The MSCI Asia Pacific Index dropped 0.3 percent this year through yesterday, compared with a 4.1 percent advance by the S&P 500 and a 1.1 percent drop by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 1.2 times book value, compared with 2.1 times for the S&P 500 and 1.3 times for the Stoxx 600, according to data compiled by Bloomberg. A number below one means companies can be bought for less than value of their assets.
Among stocks that advanced, Qantas Airways Ltd. jumped 11 percent to A$1.075 as Australia’s largest carrier hired bankers to help prepare against any potential takeover bid after the company lost A$1 billion ($1 billion) in market value last week.
Chinese property developers gained after new loans extended by the nation banks in May exceeded analysts’ estimates. China Overseas Land & Investment Ltd., the biggest Chinese homebuilder listed in Hong Kong, climbed 1.7 percent to HK$17.20. Agile Property Holdings Ltd. (3383), the real-estate company partly owned by JPMorgan Chase & Co., increased 3.1 percent to HK$9.86.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
Asian Stocks Decline on Doubt Over Spain’s Bailout Plan - Bloomberg
Asian stocks fell, with the regional benchmark index retreating from a two week high, as surging Spanish bond yields stoked concern that a bailout for the nation’s banks won’t tame the European debt crisis.
Esprit Holdings Ltd. (330), a clothier that counts Europe as its No. 1 market, decreased 1 percent in Hong Kong. Brilliance China Automotive Holdings Ltd. dropped 2 percent, pacing declines among Chinese carmakers, after the government said vehicle prices dropped in May. BHP Billiton Ltd., the world’s biggest mining company and Australia’s largest oil producer, lost 0.6 percent in Sydney as crude and copper futures slid.
The MSCI Asia Pacific Index (MXAP) fell 0.8 percent to 112.65 as of 3:16 p.m. in Tokyo, with about two shares sliding for each that rose. The gauge dropped 12 percent from its peak this year on Feb. 29 through yesterday amid concern economic growth is slowing in China and the U.S. and as Europe’s debt crisis intensified.
“There appears to be plenty of cynicism,” said George Boubouras, Melbourne-based head of investment strategy at UBS AG’s Australian wealth-management unit. The Swiss bank has about $1.5 trillion in assets under management. “Spain will remain the focus for a few days as markets review all possible outcomes and implications for other troubled euro-zone members. More firewalls will be required for other euro-zone countries.”
Japan’s Nikkei 225 Stock Average (NKY) declined 1 percent, paring losses of as much as 2 percent as the yen fell after the International Monetary Fund said the currency is overvalued. A weaker yen boosts the value of overseas earnings of the nation’s exporters when repatriated.
South Korea’s Kospi Index, Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index slid 0.7 percent. Australia’s S&P/ASX 200 Index added 0.2 percent.
Contagion Concerns
Futures on the Standard & Poor’s 500 Index gained 0.4 percent today. The gauge lost 1.3 percent yesterday in New York after climbing as much as 0.7 percent in the first minutes of trading as optimism faded that Spain’s bank bailout plan will contain the European debt crisis.
Spanish bond yields surged the most in four months after the government sought a bailout of 100 billion euros ($125 billion) for its banks. European officials have struggled to control the debt crisis that began in Greece at the end of 2009.
“Contagion concern is still pretty much alive,” Eddie Tam, chief executive officer of Central Asset Investments, said on Bloomberg Television. “We’re staying on the sidelines at least until the Greek election results.”
Close Race
Polls show a June 17 election in Greece may be a close race. An election on May 6 failed to produce a viable governing majority. Syriza party leader Alexis Tsipras has pledged to keep Greece in the euro while scrapping bailout terms in order to end the hardship brought on by austerity. Meanwhile, pro-bailout proponents, such as New Democracy leader Antonis Samaras, have framed the contest as a decision on whether to leave the euro area.
Companies that do business in Europe declined. Esprit dropped 1 percent to HK$13.32 in Hong Kong. HSBC Holdings Plc (5), Europe’s biggest lender by market value, slid 1.2 percent to HK$64.10. Cosco Pacific Ltd., which operates a port in Greece, fell 2.4 percent to HK$9.75.
China’s carmakers fell as passenger-vehicle prices decreased 1.7 percent in May, the most in at least 23 months, according to the Cheng Xiaodong, head of auto-price monitoring unit of the National Development and Reform Commission.
Brilliance, BYD
Brilliance, the partner Bayerische Motoren Werke AG in China, dropped 2 percent to HK$7.56. BYD Co. (1211), a maker of electric cars part-owned by Warren Buffett’s Berkshire Hathaway Inc., slid 1.2 percent to HK$15.10.
Automakers are overstocking cars at a time when dealers are pessimistic about their sales prospects, Cheng said. Zhongsheng Group Holdings Ltd., China’s largest publicly traded automobile dealer by revenue, sank 3.6 percent to HK$10.70.
Raw-material producers declined after copper futures fell as much as 1.2 percent and traded near a five month low. Oil dropped for a fourth day after Saudi Arabian Oil Minister Ali al-Naimi said the Organization of Petroleum Exporting Countries may need a higher production quota.
BHP lost 0.6 percent to A$31.72 in Sydney. Rio Tinto Group (RIO), the world’s third-largest mining company, slipped 1.7 percent to A$54.65. Cnooc Ltd., China’s biggest offshore oil producer, fell 1.5 percent to HK$14.40 in Hong Kong.
Qantas Jumps
The MSCI Asia Pacific Index dropped 0.3 percent this year through yesterday, compared with a 4.1 percent advance by the S&P 500 and a 1.1 percent drop by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 1.2 times book value, compared with 2.1 times for the S&P 500 and 1.3 times for the Stoxx 600, according to data compiled by Bloomberg. A number below one means companies can be bought for less than value of their assets.
Among stocks that advanced, Qantas Airways Ltd. jumped 11 percent to A$1.075 as Australia’s largest carrier hired bankers to help prepare against any potential takeover bid after the company lost A$1 billion ($1 billion) in market value last week.
Chinese property developers gained after new loans extended by the nation banks in May exceeded analysts’ estimates. China Overseas Land & Investment Ltd., the biggest Chinese homebuilder listed in Hong Kong, climbed 1.7 percent to HK$17.20. Agile Property Holdings Ltd. (3383), the real-estate company partly owned by JPMorgan Chase & Co., increased 3.1 percent to HK$9.86.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Adam Haigh in Sydney at ahaigh1@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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