Telecom shares rose 2.7% in a New Zealand sharemarket that posted a 0.2% gain as equity markets around the world found some composure – at least for now.The local market fell 1.9% yesterday, taking its losses since its most recent high in mid-April
Telecom shares rose 2.7% in a New Zealand sharemarket that posted a 0.2% gain as equity markets around the world found some composure – at least for now.
The local market fell 1.9% yesterday, taking its losses since its most recent high in mid-April to more than 10%, a theoretical correction.
Today, the benchmark NZX-50 index closed up 7.361 points at 3011.187, having opened up 22.1 points.
Turnover was worth $144.5 million, of which $31 million was in Telecom shares. There were 47 rises and 37 falls among the 113 stocks traded.
"The Dow had a very good run right at the end, so that gave the New Zealand market a bit of a leg up and when the aussie market opened it was charging along as well," said Stuart Hardie, adviser at Craigs Investment Partners.
Telecom closed up 5c at 190 and traded as high as 195 today after reaching a new record low of 185 yesterday.
"I'm not convinced there is massive buying support for Telecom at the moment. There is still a lot to play out there," Mr Hardie said.
Fisher & Paykel Healthcare fell 15c to 325 after reporting a 15% rise in annual profit. Mr Hardie said the outlook statements were cautious and many companies did not want to over promise in the current market.
F&P Appliances fell 2c to 56.
Sanford rose 1c to 446 and as the market closed it reported a fall in interim profit but maintained its dividend.
Contact Energy fell 6c to 586 and TrustPower rose 1c to 720. SkyCity fell 2c to 291 and SkyTV fell 3c to 455.
Fletcher Building rose 10c to 771 and Air NZ rose 1c to 120. Hallenstein Glassons rose 8c to 340 and Methven rose 3c to 158. Hellaby rose 2c to 158 and Restaurant Brands rose 2c to 223.
Rakon rose 1c to 98 and Steel&Tube rose 3c to 253. NZX rose 10c to 165.
Dual-listed bank ANZ was up 72c to 2692, while Westpac added 15c to 2765.
Allied Farmers fell 0.3c to 6.2, Pyne Gould Corp rose 1c to 44 and PGG Wrightson rose 2c to 55.
APN News fell 4c to 266 and Abano Healthcare fell 14c to 506.
