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NZ Sharemarket Holds Its Own

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 27 NZPA - The New Zealand sharemarket remained steady in opening trading this morning despite negative signals from overseas markets.

The benchmark NZSX-50 index, which closed on Friday at 3111.251 points, gained slightly, up 0.356 points, or 0.01 percent, to be at 3111.607 at 10.15am.

Among stocks to post gains were Methven was up 4c to 169, Ryman 1c to 184, Property for Industry 1c to 120 and Fisher & Paykel Health 2c to 322.

Westpac gained 99c, or 3.2 percent, to $32 but on small volumes.

Fletcher Building was down 20c, or 2.4 percent, to 805, ING Property lost 1c to 80 and Hellaby Holdings shed 2c to 168.

Guinness Peat Group slid 1c to 88 and Kiwi Income Property Trust was down 1c to 105.

Telecom was unchanged at 262, as was Fisher & Paykel Appliances at 65c.

The Australian share market was predicted to open lower today, following a poor lead from Wall Street, where shares fell for a third consecutive day on Friday, with poor economic data prompting a sell-off.

The Dow Jones Industrial Average dropped 42.25 points to 9665.19, the Nasdaq dropped 16.69 points to 2090.92, and the Standard & Poor's 500 index shed 6.40 points to 1044.38.

London's FTSE 100 index of leading shares closed 0.06 percent higher at 5082.2 points, Frankfurt's DAX fell 0.42 percent to 5581.41, and the CAC 40 index fell 0.51 percent to 3739.14.

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