NZ sharemarket turns around after weak start
The New Zealand sharemarket shrugged off a weak open to finish slightly higher.
The New Zealand sharemarket shrugged off a weak open to finish slightly higher, even though stocks in the US fell for a third day as weak economic figures heightened stock investors' anxiety.
Telecom ended up 2c to 218.5 after the Commerce Commission slashed the cost of terminating calls and texts from one operator on another operator's network.
Brokers said the price movement was not out of the ordinary and investors were also waiting for the company to release a trading update tomorrow.
"A lot of the Commerce Commission statement had been pre-discussed," said David Price at Forsyth Barr. "The only real change is that it is coming in slightly later than we previously thought," he said.
The benchmark NZX-50 index closed up 3.798 points at 3498.985.
Methven closed down 5c at 151 after saying its largest customer in the UK, Focus (DIY), is filing a notice of intention to appoint administrators. Methven is owed $NZ1.5 million.
Contact Energy rights began trading today and traded at 86c each, with buyers at 95c. Brokers said the stock did well to be higher today when entitlements were no longer attached and the price of the right to buy a share at 505 was consistent with the 601 closing price.
Sky City rose 2c to 361 and Auckland Airport rose a cent to 223.
Fletcher Building fell 10c to 901 and TrustPower eased a cent to 743. Scott Technology eased 4c to 143 and Kathmandu Holdings eased 4c to 254. Vector eased a cent to 248. Nuplex eased a cent to 319 and Xero eased a cent to 248.
NZPA
Thu, 05 May 2011
Thu, 05 May 2011
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NZ sharemarket turns around after weak start
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