New Zealand sharemarket ends little changed
No change is expected in the official cash rate review tomorrow by the Reserve Bank.
The New Zealand sharemarket ended little changed today ahead of an official cash rate review tomorrow by the Reserve Bank and statements by the US Federal Reserve.
The benchmark NZX-50 index closed up 5.56 points, or 0.2%, at 3492.043 after opening up 6.29 points. Strong corporate earnings helped push US stocks to their best levels since June 2008 on Tuesday but Australian stocks fell today on higher than expected inflation data.
The RBNZ is expected to hold the official cash rate at 2.5% at 9am tomorrow and not raise it until the fourth quarter.
"Our read of the economy is that recent data shows a recovery was in progress before the quake and that while the quake had a significant effect on Christchurch, the broader economy has been firming," HSBC said.
Tower Investments said that the rebuild of Christchurch will benefit companies like Fletcher Building, Steel & Tube and Cavalier.
Business confidence rebounded in the National Bank Business Outlook survey today, particularly in Christchurch.
Fletcher Building closed down 5c at 914 after rising to 923, Telecom was down 1.5c to 211.5 and Contact Energy was unchanged on 586.
Steel & Tube was down 2c to 261, Tower was down 3c at 186 and Sanford was down 9c at 550. Ryman Healthcare was down 1c at 247.
Fisher & Paykel Healthcare rose 7c to 316, Xero rose 5c to 256 and Nuplex rose 5c to 314.
SkyCity rose 3c to 348 and Auckland Airport rose 2c to 224.5. Mainfreight rose 1c to 930 and Skellerup rose 1c to 131. Infratil rose 2c to 187.
NZPA
Wed, 27 Apr 2011
Wed, 27 Apr 2011
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New Zealand sharemarket ends little changed
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