Fisher & Paykel Appliances shares plunged 11.5 percent today after the short term cost of the move of much of the company's manufacturing offshore was revealed.
The company talked up its long term prospects at the annual meeting today but the signalling of a bottom line loss in the first half due to the cost of the move of manufacturing to Thailand, Mexico and Italy was what investors focused on.
Fisher & Paykel Appliances shares closed down 24c at 185, helping take the benchmark NZSX-50 Index down 16.99 points to 3334.14.
"Bad news gets treated harshly in these types of markets," said Stephen Wright at ASB Securities. The simple facts presented for the first half were not good.
Otherwise Fletcher Building continued a run higher once its profit was digested on the idea that investors will reallocate to equities and there is not much choice with Telecom out of favour. Fletcher Building shares rose 11c to 710.
Freightways rose 11c to 330 after its report today of a 5 percent increase in full year net profit was well received by the market.
"It was a good solid result and there was a small increase in the dividend," Mr Wright said.
Telecom rose 1c to 325, after a 4c fall on Friday, while Contact Energy eased 3c on to 854.
The Warehouse eased 14c to 347 after rising on Friday when Woolworths said it was taking it fight with the Commerce Commission to the Supreme Court.
NZ Farming Systems Uruguay was down 8c to 170, SkyTV was down 7c at 503. Port of Tauranga was up 11c at 690. Infratil was unchanged at 216 and Michael Hill was up 1c at 90.
TrustPower eased 5c to 790 while Lion Nathan rose 20 to 1100.
Botry-Zen fell 0.7c to 0.7c after the company said last week its future was uncertain.
Volume was worth $112 million and there were 30 rises and 49 falls.
In the US, the Dow Jones Industrial Average and the Standard & Poor's 500 Index rose on Friday, as sinking commodity prices raised hopes of a consumer spending recovery, helping push shares of retailers higher.
A rally in the US dollar on fears about slowdowns in economies outside the United States pushed the price of oil down to a 15-week low.
The Dow rose 0.38 percent to 11,659.90, but for the week finished down 0.6 percent. The S&P 500 gained 0.41 percent to 1298.20, and inched up 0.1 percent for the week.
The Nasdaq Composite Index slipped 0.05 percent to 2452.52 on Friday, but for the week ended up 1.6 percent.