Nigel Morrison, Chief Executive Officer of the Auckland-based Sky City Entertainment Group Ltd. stated that with the New Zealand economy progressing at a slower pace, the Government didn't move wisely by raising the interest rates, which is an obstacle in the way of consumer spending.

The lash of the slow recovery was faced by many Companies, with their stock prices facing a fall.

On Tuesday, the New Zealand shares closed feeble, contributed by the weak projections made by Sky City.

The NZX-50 benchmark climbed down 0.6% or 17 points at 3006.55.

Despite posting the significant full-year net profit, the stock price of Sky City declined 3.3% to NZ$2.89.

The Company's apprehensions regarding the future trend remains and thus it is cautious about its future projections. As the gaming market is moving with uncertainty, it could leave an impact on the earnings, as told by Mr. Morrison.

James Snell, First NZ Capital senior broker expressed that Sky City's total revenue dropped 2.3% and a similar result is anticipated in the second-half of the year.

The construction Company Fletcher Building also witnessed a fall of 0.7% in its stock prices, bringing it to NZ$7.18. Steel & Tube closed unaltered at NZ$2.25.

Courier and freight Company Freightways, after reporting decreased full-year profit, but expecting the results to get corrected in the second half, mounted up 2.2% to NZ$2.81. The share prices of New Zealand Refining gained 6% to NZ$3.18.

Morrison said, "Certainly in calendar 2011 we would expect to see some growth and optimism return to the economy, and people prepared to spend their money".