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NZ sharemarket remains flat while offshore markets rally

Nuplex shares rose while Fletcher Building and Telecom shares fell, leaving the New Zealand sharemarket little changed today.The flat performance was a contrast to a rally on Wall Street on Tuesday and strength in Asian markets today.Brokers said the loca

NZPA
Wed, 24 Mar 2010

Nuplex shares rose while Fletcher Building and Telecom shares fell, leaving the New Zealand sharemarket little changed today.

The flat performance was a contrast to a rally on Wall Street on Tuesday and strength in Asian markets today.

Brokers said the local market had been doing its own thing for a while.

"It is disappointing. Fletcher Building looks like it is having correction to recent price gains," said Grant Williamson, director at Hamilton Hindin Greene.

Current account data out today was disappointing and some investors are waiting for gross domestic product data on Thursday.

Fonterra said its revenues fell $300 million in the past half year, but that world dairy prices were continuing to recover.

The benchmark NZX-50 index closed up 4.355 points, or 0.1% at 3232.724. Turnover was worth $72.68 million. There were 43 rises and 39 falls among the 121 stocks traded.

Nuplex rose 13c to $3.45 after the resins and specialty chemicals supplier said yesterday it had agreed to acquire the goodwill of the Australian and New Zealand ingredient business of the Med-Chem group for an undisclosed sum.

"It has been an amazing recovery from when they were in a bit of financial strife over a year ago," Mr Williamson said.

Fletcher Building fell 2c to $8.30 and Telecom fell 1c to $2.13.

Kathmandu, which is starting its Easter sale promotion, rose 1c to $2.41. The Warehouse rose 1c to $3.99 and Hellaby rose 2c to $1.62.

NZ Refining fell 25c to $3.95. Brokers said there had been reasonable buy orders in the stock recently but they were absent today.

Infratil fell 1c to $1.65. SkyCity fell 2c to $3.29 and GPG fell 1c to 85c.

Auckland Airport was unchanged at $1.92 after announcing it was placed ninth in the 2010 Skytrax World Airport awards.

Contact Energy rose 2c to $6.12 and TrustPower rose 6c to $7.16. Port of Tauranga rose 3c to $7.00 and SkyTV rose 2c to $5.18.

Pyne Gould Corp rose 2c to 49c after announcing an insurance joint venture with the Automobile Association. OceanaGold rose 15c to $3.40 as a national debate about mining continued. Tenon fell 10c to 90c.

NZPA
Wed, 24 Mar 2010
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NZ sharemarket remains flat while offshore markets rally
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