NZX-50 rebounds after dropping on profit-taking
Shares rose in a late rally after 3pm, regaining ground lost as they slumped for more than an hour to the levels seen late last week.
The New Zealand sharemarket closed higher after clawing its way back up in a late rally after 3pm, regaining ground lost as the benchmark NZX-50 index slumped for more than an hour to the levels seen late last week.
In a relatively quiet day, the NZX-50 index quickly lifted 7.88 points to 3347.39, after gaining 9.9 points on Friday. But shortly before 2pm profit-taking saw it slide back to 3340.72.
At 3pm buyers decided it had fallen far enough and brought it back up to finish 8.856 points to 3348.36, a lift of 0.3%. The 64.9 million shares traded were valued at $173 million.
Among key shares, Telecom gained 5c to 198.5, Contact Energy fell 1c to 574, despite having been up 3c in the early buying, while Fletcher Building did better, falling 6c early in the day -- reversing most of Friday's 8c gain -- only to finish at 873, down 3c.
OceanaGold was up 6c to 340, Sanford added 4c to 500, Nuplex gained 6c to 312, Vector lifted 2.5%, or 6c, to 241, and Abano Healthcare fell 2c to 430.
The Australian sharemarket closed higher after a late rally in the financial sector, brokers said, but caution remained as investors continued to digest developments on fighting in Libya and the nuclear emergency in Japan.
The benchmark S&P/ASX200 index climbed 16.4 points, or 0.4%, to 4642.8, while the broader All Ordinaries index gained 18.3 points, or 0.4%, to 4734.1.
Among the major sectors, energy shares added 0.9% on the back of a rise in the oil price, financials rose 0.7% and materials inched up 0.1%.
NZPA
Mon, 21 Mar 2011
Mon, 21 Mar 2011
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NZX-50 rebounds after dropping on profit-taking
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