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NZ Shares Drift, Volume Boost By Auckland Airport Trade

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 10 NZPA - The New Zealand sharemarket failed to catch a wave of optimism that lifted other markets today, though volume was boosted by a sale of Auckland Airport shares by Infratil.

The benchmark NZSX-50 index closed up 2.342 points, or 0.074 percent, at 3167.407 after initially opening up 10.77 points. There were 43 rises and 43 falls among the 112 stocks traded.

Auckland Airport shares fell 6c to 187 after infrastructure investor Infratil announced it had sold its 3.87 percent investment in the airport at 184 per share. Infratil shares were down 7c at 153.

Turnover today was worth $275.2 million, of which $189.84m was traded in Auckland Airport shares.

The lacklustre performance by the New Zealand sharemarket contrasted with a rise in the Australian market after the Dow Jones rose 2 percent on Monday US time.

"I think it is just poor sentiment toward our market," said Stephen Wright at ASB Securities.

Also, institutional shareholders were being offered stock in institutional placements like the Auckland Airport sale today.

Fletcher Building was up 3c to 804, Telecom was down 3c to 249 and Contact Energy was up 13c at 617.

Kiwi Income Property Trust eased 1c to 102 after announcing the terms of a $125 million sale of mandatory convertible notes.

AMP rose 70c to 810, which reflected trading in Australia where there is speculation that AMP's bid for AXA Asia Pacific could spark further corporate activity.

Mainfreight rose 15c to 550, Steel and Tube rose 8c to 321 and NZX rose 20c to 815.

Sanford rose 10c to 500 and Nuplex rose 5c to 263.

Oceanagold rose 8c to 170 after the company raised its estimate of reserves at its Macraes gold mine in New Zealand.

Port of Tauranga gained 5c to 710 and Freightways was up 2c to 307.

TrustPower rose 1c to 753.

Xero fell 4c to 163, Dorchester rose 4c to 16 and Delegats rose 10c to 260.

In the United States, stocks rallied broadly after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk.

The Dow Jones industrial average gained 2 percent to end unofficially at 10,226.94, the Standard & Poor's 500 Index rose 2.2 percent to finish unofficially at 1093.08, and the Nasdaq Composite Index advanced 2 percent to close unofficially at 2154.06.

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