NZ sharemarket makes modest early gain
Shares in Contact Energy fell in early trading on the New Zealand sharemarket after monthly operational data for May showed electricity generation and prices down from a year ago.
Shares in Contact Energy fell in early trading on the New Zealand sharemarket after monthly operational data for May showed electricity generation and prices down from a year ago.
Contact shares were down 11c to 564 early, while Fletcher Building gained 9c to 865 and Telecom edged up 0.5c to 240.5.
Around 10.20am the benchmark NZX-50 index was up 3.5 points to 3470.99, after edging down yesterday.
Trustpower rose 8c early to 725, Mainfreight lifted 4c to 1005, Restaurant Brands was up 3c to 260, and Freightways lifted 3c to 345. Cavalier Corp lost 5c to 365 and Ebos Group was down 3c to 697.
In the United States, stocks rose as the latest development to reduce Greece's debt helped draw buyers, but anaemic volume signalled the recent weakness may not be over.
Euro-zone finance ministers gave Greece two weeks to approve stricter austerity measures in return for another 12 billion euros ($NZ21.2b) in emergency loans, piling pressure on Athens to get its ragged finances in order.
The euro-zone finance ministers expected the money, the next tranche in a 110b euro bailout of Greece by the European Union and the International Monetary Fund, to be paid by mid-July. Greece needed the loans by then to avoid a debt default.
The Dow Jones industrial average climbed 0.6 percent to end at 12,080.38, the Standard & Poor's 500 Index rose 0.5 percent to 1278.36, and the Nasdaq Composite Index gained 0.5 percent to 2629.66.
NZPA
Tue, 21 Jun 2011
Tue, 21 Jun 2011
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NZ sharemarket makes modest early gain
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