New Zealand sharemarket rises as other markets fall
Local stocks recovered to close in positive territory today when most markets across Asia were lower.
The New Zealand sharemarket managed to close in positive territory today when most markets across Asia were lower and currency markets were in turmoil.
The benchmark NZX-50 index closed up 2.786 points, or 0.1%, at 3329.587 after opening down 20 points. Turnover was worth $125.36 million. There were 31 rises and 38 falls among the 99 stocks traded.
Fletcher Building ended up 2c at 868, erasing a fall to 860, after the company made progress in its bid for Crane Group. It has dropped conditions on the offer and is moving to control the board. A shareholder from the founding family is reluctantly accepting the offer.
Kathmandu shares rose 9c, or 4.6%, to 203 after the outdoor clothing and equipment company today reported half year earnings rose 28.4%.
The company's restructured balance sheet with lower debt levels had enabled it to carry more stock in key product categories when compared with the investment in stock before being listed.
Other retailers were also strong, with Pumpkin Patch up 2c at 128, The Warehouse up 2c at 343 and Hallenstein Glassons up 6c at 368.
Sveral companies, including Vector, Contact Energy and DNZ Property, warned shareholders against accepting low-ball unsolicited offers for their shares from companies associated with Bernard Whimp.
Air NZ rose 5c to 113 but Auckland Airport was unchanged at 212. Contact rose 2c to 584 and Telecom rose 0.5c to 199.5. TrustPower rose 1c to 718.
Tower fell 6c to 173, PGG Wrightson fell 1c to 50 and SkyCity fell 1c to 327. Xero fell 3c to 240, Scott Technology fell 2c to 131 and Rakon fell 1c to 104.
Vector fell 3c to 240 and Guinness Peat Group fell 1.5c to 77.
NZPA
Thu, 17 Mar 2011
Thu, 17 Mar 2011
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New Zealand sharemarket rises as other markets fall
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