After hitting a 10-month low yesterday, the New Zealand sharemarket rose today with resins and chemicals supplier Nuplex Industries gaining 4% on a solid profit guidance.The recovery in this country came after stocks in the US mostly rose in volatile trad
After hitting a 10-month low yesterday, the New Zealand sharemarket rose today with resins and chemicals supplier Nuplex Industries gaining 4% on a solid profit guidance.
The recovery in this country came after stocks in the US mostly rose in volatile trading on Tuesday, closing at or near session highs after a wobbly session.
There was no relief for Telecom, though, which sank to a new low of 179 before closing at 181.
The benchmark NZX-50 index closed up 11.132 points, or 0.4%, at 3000.108. Turnover was worth $57.7 million. There were 34 rises and 34 falls among the 105 stocks traded.
"The standout today was Nuplex, which reaffirmed its guidance. That encouraged investors after the stock lost a reasonable amount in the recent market decline," said Grant Williamson, director at Hamilton Hindin Greene.
Commenting on Telecom, he said there was just continued selling on the uncertainty of the separation of its business.
Investors are also waiting to see if the Reserve Bank of New Zealand raises the official cash rate tomorrow.
Nuplex rose 11c to 288. Fisher&Paykel Appliance shares rose 2c to 54 and Tourism Holdings shares rose 3c to 81. NZX recovered some of its recent loses, rising 5c to 155.
Contact Energy rose 4c to 582, though Fletcher Building eased a cent to 803.
Auckland Airport rose 3c to 186 and Air NZ rose 2c to 116.
SkyCity rose 5c to 292. Michael Hill rose 1c to 67 and Restaurant Brands rose 3c to 233.
Mainfreight eased a cent to 614. Hallenstein Glassons eased 5c to 335.
ING Property Trust eased a cent to 69 and Infratil eased a cent to 159. Steel&Tube eased 3c to 235.
Across Asia markets were mostly lower. IG Markets strategist Ben Potter said the Australian sharemarket felt lifeless.
"Everyone is waiting for somebody else to make the first move but nobody has the conviction to do so," he said. The market felt like a cork in the ocean, he said.
