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NZ sharemarket regains lost ground, Nuplex bounces back

The sharemarket regained some of the ground lost yesterday after rises in offshore markets, but failed to capitalise on a selloff in the kiwi after softer-than-expected inflation data today.The benchmark NZX-50 index closed up 10.9 points, or 0.3%, at 329

NZPA
Tue, 20 Apr 2010

The sharemarket regained some of the ground lost yesterday after rises in offshore markets, but failed to capitalise on a selloff in the kiwi after softer-than-expected inflation data today.

The benchmark NZX-50 index closed up 10.9 points, or 0.3%, at 3293.11, but was about 10 points off its session high.

The index fell 29 points yesterday after markets reacted to fraud charges against Goldman Sachs and disappointing earnings reports in the US.

Chemicals company Nuplex rebounded 10c to $3.22 after an aggressive selloff yesterday.

The Securities Commission last week announced it's filing civil proceedings for non-compliance with continuous disclosure requirements. The company is defending the charges.

The market was looking past the "non-material" event and focusing on the company's fundamental position, said Grant Williamson, of Hamilton Hindin Greene.

However, market leader Telecom was down 2c at $2.15 as it remained under pressure following a recent profit downgrade.

"Still some serious concerns there and the shares really fluctuating very close to their all-time lows," Mr Williamson said.

A smaller-than-expected 0.4% quarterly rise in the consumers price index took the bounce out of the kiwi this morning, which had risen in expectation of data which would make a June interest rate rise more likely from the Reserve Bank.

Market reaction was muted, but stocks to benefit from a weaker currency included F&P Healthcare, up a cent at $3.42, Fletcher Building, up 7c at $8.49, and seafood exporter Sanford, up 5c at $4.45.

Air New Zealand, which said disruption from ash spewing from an Iceland volcano was costing it $500,000 a day, rose a cent to $1.38.

Auckland Airport rose 3c to $2.03, Mainfreight was up 7c at $6.60, Guinness Peat Group gained 2c to 91c and Tower was up 3c at $2.03.

Pike River Coal rose 2c to $1.10 ahead of a trading halt pending a capital raising.

Australia's S&P/ASX 200 index was up 0.3%, while Japan's Nikkei share average was down 0.06%.

NZPA
Tue, 20 Apr 2010
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NZ sharemarket regains lost ground, Nuplex bounces back
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