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Market Close: Bargain hunters emerge from the sidelines

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%)
Dow 11,842 -0.33 (-0.00%)
Nasdaq 2,385 -20.35 (-0.85%)
FTSE 100 5,667 +46.40 (+0.83%)

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