Shares in Skellerup rose in early trading on the New Zealand stock exchange after NZX announced Skellerup would move on to the NZX-50 index, replacing Pike River Coal which went into receivership yesterday.Pike River would be removed from all its equity i
Shares in Skellerup rose in early trading on the New Zealand stock exchange after NZX announced Skellerup would move on to the NZX-50 index, replacing Pike River Coal which went into receivership yesterday.
Pike River would be removed from all its equity indices, while Skellerup's position on the NZX-50 would be effective from December 20, NZX said.
Shortly after the market opened today, Skellerup shares were up 5c to 104, its highest level in 3-1/2 years.
Around 10.15am the benchmark NZX-50 was down 1.22 points to 3290.07, after gaining 18.4 points yesterday.
Mainfreight shares gained 5c to 775, The Warehouse lifted 2c to 377, and Sky City was up 2c to 319, while Fisher&Paykel Healthcare lost 3c to 307.
In the United States, a late selloff pushed stocks to session lows at the close, dragged lower by declines in technology and other sectors, with the Nasdaq Composite ending an eight-day winning streak.
Preliminary data showed the Dow Jones industrial average gained 0.2 percent to 11,428.56, the Standard&Poor's 500 edged up 0.1 point to 1240.46, and the Nasdaq Composite dropped 0.5 percent to 2624.91.
