New Zealand stocks closed lower on Monday, as Asian markets followed a weak lead from Wall St, while a holiday in neighbouring Australia kept trade muted. The benchmark top-50 index finished 13.9 points or 0.4 percent lower at 3,476.68, the lowest close in almost two months.
Casino operator Sky City Entertainment Ltd bucked the weaker trend, gaining 2.3 percent to NZ$3.54 after the government picked the company as the preferred developer of a NZ$350 million ($285 million) national convention centre in Auckland. The casino operator has said it wants changes to the conditions under which it operates, including an increase in the number of gaming tables and machines and an extension to its existing casino licence, to make the development more viable.
Fletcher Building , New Zealand's top stock, rose 0.1 percent to NZ$8.67, after a series of aftershocks caused further damage to the country's quake-ravaged city of Christchurch. Air New Zealand was flat at NZ$1.05 as it kept flying despite a cloud of ash from an erupting volcano in Chile covering southern parts of New Zealand and Australia, prompting the cancellation of dozens of flights by rival airlines. Activity on the local bourse with thinned by a public holiday in Australia. Shares in Hong Kong, China and Japan were weaker on Monday, with poor data reinforcing fears of a global slowdown.
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