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New Zealand Sharemarket Nudges On Upward

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 26 NZPA - The New Zealand sharemarket edged up today on the back of rises in leading shares and as earnings reports continued to flow.

The benchmark NZSX-50 index closed up 10.391 points, or 0.337 percent, at 3090.896. Turnover was $88 million. There were 38 rises and 40 falls among the 115 shares traded.

Leading stock Telecom was up 1c to 275, Fletcher Building was unchanged at 782 and Contact Energy lifted 13c to 646.

Tourism Holdings fell 2c to 54 after reporting an 80 percent fall in annual profit, reflecting hard times in the tourism industry.

NZOG fell 1c to 164 after reporting a 45 percent fall in annual profit. TeamTalk rose 11c to 206 after reporting a profit while NZ Farming Systems Uruguay rose 1c to 46 after reporting a loss.

There was also a flow of Australian earnings reports which encompassed large New Zealand businesses, including Westfield.

Goodman Fielder rose 4c to 175 after it reported today.

Investors also continued to react negatively to a delay at Pike River Coal's mine announced yesterday. The stock fell 5c to 98 today.

Tomorrow it is the turn of Nuplex, Air NZ, Hellaby and PGG Wrightson to report.

"It was a positive day in reaction to the positive offshore markets," said Grant Williamson, director of Hamilton, Hindin, Greene.

He said there were no major surprises in the Tourism Holdings results and other results today were mostly in line with expectations.

TrustPower rose 10c to 760. Michael Hill rose 1c to 70 and Infratil rose 1c to 172.

Fisher and Paykel Healthcare is seen as hurting by the rising NZ dollar and its shares fell 5c to 323.

SkyTV fell 7c to 446 and Port of Tauranga fell 2c to 653. AMP rose 17c to 775. Hellaby rose 7c to 137 and Hallenstein Glasson fell 5c to 280.

Taylors rose 10c to 210, which is above the offer price from Australia's Spotless.

US stocks rose on Tuesday as economic data and the renomination of Federal Reserve chief Ben Bernanke reassured investors and offset concerns about red ink in the federal budget.

The Conference Board's August index of consumer confidence topped economists' forecast, while the S&P/Case-Shiller home price index rose for a second consecutive month in June, suggesting a recovery in two sectors crucial to a rebound in the US economy.

"The missing ingredient has been the recovery in consumer spending. The market is now hopeful that the strong consumer confidence data could lead to better consumer spending numbers," said Keith Springer, president of Capital Financial Advisory Services in Sacramento.

The Dow Jones industrial average advanced 30.01 points, or 0.32 percent, to 9539.29. The Standard & Poor's 500 Index gained 2.43 points, or 0.24 percent, to 1028.00. The Nasdaq Composite Index rose 6.25 points, or 0.31 percent, to 2024.23.

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