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Telecom, Fletcher Building liift NZ sharemarket

The New Zealand sharemarket managed a small rally today when other markets were weak mostly due to strength in Telecom and Fletcher Building.The benchmark NZX-50 index closed up 2.895 points, or 0.1%, at 3233.299. Turnover was worth $51 million. There wer

NZPA
Mon, 22 Mar 2010

The New Zealand sharemarket managed a small rally today when other markets were weak mostly due to strength in Telecom and Fletcher Building.

The benchmark NZX-50 index closed up 2.895 points, or 0.1%, at 3233.299. Turnover was worth $51 million. There were 22 rises and 50 falls among the 107 stocks traded.

"Telecom and Fletchers have pulled the index up today," said Ross Cuthbert, investment adviser at Craigs Investment Partners. "It's a pretty good result, The US was down and most of Asia was down today," he said.

Telecom rose 3c to $2.14 after hitting a new historic low on Friday. Fletcher Building rose 5c to $8.40.

Rakon rose 4c to 96c and Mr Cuthbert said it may be finding support under the $1 level.

Volume was higher than normal for NZ Windfarms, which today announced its chief executive was not renewing his contract.

The stock was unchanged at 32c today after it fell sharply on Friday after announcing a discounted rights issue at 15c a share.

NZ Refining rose 14c to $3.90 but Infratil fell 1c to $1.65.

Auckland Airport fell 4c to $1.91 after announcing a rise in passenger numbers in February from a year ago. Air New Zealand was unchanged at $1.30 after announcing passenger numbers.

Kathmandu, which last week beat its earnings forecasts, fell 2c to $2.44.

Retailer Hallenstein Glasson fell 14c to $3.46, and Sky City fell 4c to $3.38, as both went ex-dividend.

Nuplex, National Property Trust, Skellerup Holdings, Lyttelton Port, Tourism Holdings, and Foreign&Colonial Investment Trust were also ex-dividend today.

Tower fell 5c to $1.94, NZOG fell 1c to $1.56 and Mainfreight fell 8c to $6.05.

Mining companies did not appear to benefit from a government discussion paper proposing opening some areas in the conservation estate to mining. Pike River Coal fell 2c to 88c and OceanaGold fell 10c to $3.25.

NZPA
Mon, 22 Mar 2010
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Telecom, Fletcher Building liift NZ sharemarket
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