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Hot Topic NBR Focus: GMO
Hot Topic NBR Focus: GMO
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NZ sharemarket ends down as result drought continues

The New Zealand sharemarket's pre-reporting season drift continued unabated today with the benchmark index easing slightly while other markets in Asia rallied.The benchmark NZX50 index closed down 9.969 points,  or 0.3%, at 3182.604, after losing ear

NZPA
Thu, 28 Jan 2010

The New Zealand sharemarket's pre-reporting season drift continued unabated today with the benchmark index easing slightly while other markets in Asia rallied.

The benchmark NZX50 index closed down 9.969 points,  or 0.3%, at 3182.604, after losing early momentum.

Turnover was worth $83.55 million. There were 30 rises and 38 falls among the 103 stocks traded.

Telecom fell 3c to $2.41 with the failure of its new mobile phone XT network continuing to annoy customers and generate negative publicity.

Auckland Airport continued to be on a trading halt today. The deadline for institutions to take up all or part of their entitlement was 2pm today. The stock last traded at $1.92 and new shares are being sold at $1.65.

Fletcher Building was unchanged at $8.07 while Contact Energy fell 5c to $5.85.

"Once again there was very low activity. Everyone is just waiting for the reporting season to see how these companies are going," said Grant Williamson, director at Hamilton Hindin Greene.

There was no reaction to news that the Reserve Bank held the official cash rate unchanged at 2.5%.

NZ Oil & Gas fell 1c to $1.56 ahead of the release of its December quarterly report tomorrow.

Air NZ rose 4c to $1.24 with the airline announcing increased load factors in December among operating statistics released today.

Smiths City again highlighted its expansion plans in Wellington in its interim report today but its stock was untraded.

Nuplex fell 2c to $3.25 and NZ Refining fell 5c to $3.85.

Kathmandu rose 2c to $2.04 and it featured in volume statistics with $8.74 million worth of its shares traded.

Michael Hill fell 1c to 69c and Restaurant Brands rose 1c to $1.76. The Warehouse rose 1c to $3.83.

NZX rose 1c to $2.24 and Infratil rose 1c to $1.66.

Freightways rose 8c to $3.28 while Mainfreight was unchanged at $5.65.

US stocks rose on Wednesday after the US Federal Reserve pledged to keep interest rates near zero and stock futures signalled more gains ahead after President Barack Obama struck a conciliatory tone on banks in his State of the Union speech.

Stock index futures shot up in late after-hours trading as Mr Obama pushed job creation to the top of his agenda to bring down high unemployment, proposing the use bank bailout repayments to boost lending to small businesses.

Analysts said investors were relieved that Obama's speech did not slam banks and Wall Street anew after days of heightened unease about restrictions on bank risk-taking.

The Dow Jones Industrial Average gained 41.87 points, or 0.4%, to end at 10,236.16. The S&P 500 Index rose 5.33 points, or 0.5%, to 1097.50. The Nasdaq Composite Index climbed 17.68 points, or 0.8%, to 2221.41.

NZPA
Thu, 28 Jan 2010
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NZ sharemarket ends down as result drought continues
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