Fletcher Building weighs on NZX 50 Index

NEW Zealand share prices were mixed on Monday, as waning offshore interest in Fletcher Building weighed on the market's benchmark index.

The NZX 50 Index fell 2.15 points, or 0.01 per cent, to 4340.73.

Within the index, 21 stocks rose, 18 fell and 11 were unchanged. Turnover was $76.5 million.

Fletcher, the biggest company on the index, fell one per cent to $8.58.

"With less demand from offshore we've seen that price continue to drift off," said Grant Williamson, a director at Hamilton Hindin Greene.

Fletcher's last result "puts them on pretty unexciting fundamentals. We need to see higher earnings to warrant the share price where it is".

SkyCity fell 1.4 per cent, or six cents, to $4.30 after going ex-dividend for its 10 cent interim payment, suggesting it would otherwise have gained.

Pumpkin Patch, the children's clothing chain, fell 3.4 per cent to $1.14, the biggest percentage drop on the NZX 50 on Monday.

Kathmandu, the outdoor equipment retailer, declined 0.8 per cent to $2.45 ahead of its interim results on Tuesday.

NZX, the stock market operator, rose 3 per cent to $1.36.

Mainfreight, which last week said it wouldn't meet analyst estimates, rose 1.1 per cent to $11.02.

"Investors know the quality of the management and the history of the company," Mr Williamson said.

Xero, the cloud-based accounting company, fell 3.1 per cent to $10.88, having soared 223 per cent in the past 12 months.

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