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NZ Market Firms, With Aviation Stocks Mixed

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Dec 29 NZPA - The New Zealand sharemarket opened firmer today, with all three leading stocks gaining on thin volumes.

Fletcher Building, which rose 5c on Christmas Eve, added 4c to 799 in the first 10 minutes of trading this morning, while Telecom rose 3c to 248 and Contact Energy rose 2c to 608.

The benchmark NZSX-50 index was up 7.16 points or 0.2 percent to 3212.36.

Increased aviation security in the wake of a Nigerian man's attempt to blow up a plane flying from Amsterdam to Detroit on Christmas Day had mixed and muted impact on New Zealand's aviation stocks.

While Infratil, which owns Wellington Airport and two UK airports, eased 1c to 164, Auckland Airport and Air New Zealand each firmed 1c to 119 and 201 respectively.

There was no immediate reaction to Boxing Day retail sales, with Pumpkin Patch unchanged on 201 and The Warehouse and Michael Hill both untraded in the first 10 minutes of the sharemarket opening.

Elsewhere, Sky City shed 5c to 330 and Freightways also lost 5c, while Sky TV rose 4c to 497 and Vector gained 2c to 202.

On Wall Street stocks dipped overnight as airline shares faltered amid security worries, while losses were limited by retail shopping data indicating improved consumer spending, Reuters reported.

The Dow Jones industrial average was down 6.20 points, or 0.06 percent, at 10,513.90. The Standard & Poor's 500 Index was down 1.93 points, or 0.17 percent, at 1124.55. The Nasdaq Composite Index was down 1.37 points, or 0.06 percent, at 2284.32.

Analysts said volume was light, with many participants off for the Christmas and New Year's holidays.

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