Tuesday 24th June 2008
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The sharemarket staged another positive day as bargain hunters began to emerge
from the sidelines. After falling 1.7% to a 30-month low on Friday, the market
shook off last week's gloom on Wall St and the NZ50 closed up 11 points at 3298
on average volume of $110 million.
Auckland International Airport ($1.94,+3c) was up 1.6% as the Commerce Commission released the reasoning behind its decision to block the sale of Nuance Group to DFS Group. The commission believes the proposed acquisition could result in substantially lessened competition for duty free at Auckland Airport.
Both Fisher and Paykel stocks were significantly up, with Healthcare ($2.36,+14c) rising 6.3% and Appliances ($2.00,+9c) up 4.7%.
Contact Energy ($8.39,+16c) was up 1.9% as its parent company Origin Energy was subject to a hostile takeover offer by BG Group.
Telecom ($3.70,-7c) was down 1.9%, Fletcher Building ($6.42,-16c) was also down 2.4% on solid volume.
US stocks finished mixed following heavy losses at the end of last week as
investors girded for an interest rate policy meeting of the Federal Reserve
amid troubled economic times.
The Dow Jones Industrial Average ended down a slight 0.33 points at 11,842.36.
The tech-dominated Nasdaq composite sank 20.35 points, or 0.85 per cent, to 2,385.74, while the broad-market Standard & Poor's 500 index gained 0.07 points, or 0.01 per cent, to a close of 1,318.00.
At the close, the benchmark S&P/ASX200 index was only slightly up by 6.3 points, at 5,290 (+0.12%).
The main changes in the NZ market were:
|Air New Zealand||up 3||to $ 1.13|
|Auckland Intl Airport||up 3||to $ 1.94|
|Contact Energy||up 16||to $ 8.39|
|F&P Appliances Hdgs||up 9||to $ 2.00|
|F&P Healthcare Corp||up 14||to $ 2.36|
|Guinness Peat Group Plc||up 2||to $ 1.47|
|NZ Refining Co||up 35||to $ 7.20|
|Rakon||up 29||to $ 3.15|
|Sky City Entertainment||up 8||to $ 3.33|
|Vector Ltd||up 3||to $ 2.04|
|AMP||down 19||to $ 8.06|
|ANZ Banking Group||down 85||to $ 22.65|
|Fletcher Building||down 16||to $ 6.42|
|SKYTV||down 3||to $ 4.32|
|Telecom Corp of NZ||down 7||to $ 3.70|
|Telstra Corp||down 1||to $ 5.40|
|The Warehouse Group||down 13||to $ 4.55|
|Westpac Banking Corp||down 64||to $ 25.35|
|NZ Top 50||3,298||+10.627 (+0.32%)|
|ASX 200||5,290||+6.300 (+0.12%)|
|FTSE 100||5,667||+46.40 (+0.83%)|
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