NZ stockmarket rally runs out of steam
Shares rode the global stockmarket rally today but with less vigour.
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The New Zealand sharemarket rode along with a global stockmarket rally today but with less vigour than other markets.
Rising commodity prices buoyed mining stocks and strong corporate earnings provided a positive backdrop in many markets.
The New Zealand earnings season is yet to kick off and a rise in the NZ dollar above 78USc today hurt some exporters.
The benchmark NZX-50 index closed up just 3.383 points, or 0.1%, at 3352.302, having retreated from the session high of 3372.261.
Turnover was worth $128.84 million, of which $59 million was in Fletcher Building shares. There were 50 rises and 32 falls among the 115 stocks traded.
Telecom fell 3c to 222 after it advised its weighting in the S&P ASX 200 index would fall to around 25-30% of its current weighting due to changes in index methodology.
Insurance stocks in Australia were under pressure on worries about claims from approaching Cyclone Yasi, while in New Zealand insurer Tower was accused of being over capitalised at its annual meeting today.
"If we make a decision to return capital, we'll tell you," chairman Tony Gibbs told shareholders. Tower shares were unchanged at 195 today as were Guinness Peat Group shares at 68.
Auckland Airport, which owns 24.55% of North Queensland Airports, the operator of Cairns and Mackay airports, fell 3c to 224.
"We are monitoring the situation and we are in close contact with them," spokesman Richard Llewellyn said.
Air NZ, which cancelled one direct flight from Auckland to Cairns today, was unchanged at 138.
Fletcher Building rose 12c to 790, SkyCity rose 5c to 336 and Mainfreight rose 14c to 840. Infratil rose 2c to 191 and Nuplex rose 1c to 363.
OceanaGold rose 5c to 350 but NZOG was unchanged at 87. Bathurst Resources rose 10c to 140 and New Zealand Refining rose 9c to 480.
Newly-merged Building Society Holdings slipped 2c to 86, after debuting yesterday with an opening price of 95. PGG Wrightson fell a cent to 53 and Pyne Gould Corp shares fell 2c to 33.
NZPA
Wed, 02 Feb 2011
Wed, 02 Feb 2011
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NZ stockmarket rally runs out of steam
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