The benchmark NZX-50 closed down 0.9 per cent on Friday amid news of rural services provider PGG Wrightson Ltd going for its capital raising plans. The stock market closed at 3,114.08, and reported a decline of 1.4% during the week.

The market paid due attention to the prospective IPO of PGG Wrightson in which the firm has announced to raise NZ$180.7 million.

The proceeds from the IPO of 401.5 million shares at NZ$0.45 each are aimed to reduce its debt burden by NZ$277 million, the firm said in a statement.

Rob Mercer, Forsyth Barr Head of Research said that the IPO would have positive impact over firm’s profitability and management.

ASB Securities broker Rupert Lister added, "The rest of the market is completely devoid of interest which generally means there is a little bit more selling than buying and we are following Wall Street down."

Meanwhile, the stocks of many leading firms either declined or closed flat over the bourses due to selling pressure and week investors’ sentiments across the globe. Pyne Gould Corp ended on a flat note at NZ$1.00. Stocks of construction company Fletcher Building plunged 2.3 per cent to NZ$7.67 amid news of slow recovery in the US economy.