NZ stocks dip ahead of Meridian listing

NEW Zealand shares have fallen as investors prepare for the Meridian Energy sale and mull the potential end of US monetary stimulus.

On Monday, the NZX 50 fell 29.003 points, or 0.6 per cent, to 4701.374. Within the index, 39 stocks fell, seven rose and four were unchanged. Turnover was $117 million.

The government is expected to raise between $1.9 billion and up to $2.3b from the sale of 49 per cent of Meridian next month in what will be the nation's largest ever initial public offering.

Sky TV fell 0.2 per cent to $5.56 and was the most heavily traded stock by value, with about $39m in shares changing hands. Contact Energy declined 1.3 per cent to $5.27.

"Share prices will come back as people move money to prepare for Meridian," said James Lee, head of institutional equities at First NZ Capital.

The New Zealand market got a reasonably negative offshore lead and more volatility is expected until it is clear when the Federal Reserve will begin tapering its stimulus programme.

"The market is very sensitive currently to changes in macro policy," Mr Lee said.

Fonterra units fell 1.2 per cent to $7.18 ahead of its full-year results on Wednesday. In July it said earnings would miss last year's prospectus forecast.

Michael Hill International fell 3.3 per cent to $1.49, leading a decline among consumer related companies. Warehouse Group dropped 2.1 per cent to $3.76 and Trade Me declined 1.5 per cent to $4.62.

Kathmandu fell 1 per cent to $2.85. Hallenstein Glasson Holdings fell 1 per cent to $5 while Pumpkin Patch gained about 1 per cent to $1.03.

Rural services company PGG Wrightson fell 2.6 per cent to 38 cents after announcing that John Anderson will retire as chairman at the annual meeting next month.

OceanaGold, the operator of the Macraes gold field, fell 6.7 per cent to $1.95 and Steel & Tube Holdings dropped 2 per cent to $2.88.

Fletcher Building slipped 0.7 per cent to $9.51, Auckland International Airport fell 0.8 per cent to $3.315 and Telecom gained 0.4 per cent to $2.28.

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