Infratil gains after full year results but NZX flat

Tuesday 17th May 2011

Shares in Infratil were among those rising early on the New Zealand sharemarket, after the infrastructure investor reported a full year operating surplus of $173 million compared to $90 million a year earlier.

But that was not enough to spark the market, after stocks were lower around the world amid signs of a slowdown in the United States economic recovery.

The benchmark NZX-50 index edged up 0.22 points to 3544.09 around 10.15am, following a gain of 8.1 points yesterday.

Infratil (NZX: IFT ) gained 4c or 2.1% to $1.94, while OceanaGold (NZX: OGC ) added 3c to $3.04, Cavalier Corp (NZX: CAV ) gained 3c to $3.60, and NZ Refining Co (NZX: NZR ) lifted 2c to $4.55.

Retailer The Warehouse (NZX: WHS ) lost 3c to $3.72 early, Mainfreight (NZX: MFT ) fell 4c to $9.31, and Telecom (NZX: TEL ) edged down 0.5c to $2.34 after yesterday equalling its 14-month high $2.35 in intraday trading.

In the US, stocks fell as investors sold recent winners in a sign of growing unease with pockets of US economic weakness.

Worries about the market's ability to extend its recent gains are growing, with the expected end to the Federal Reserve's stimulus program next month and the recent collapse in commodity prices making investors prone to sell more volatile stocks that have outperformed in 2011.

The Dow Jones industrial average fell 0.4% to close at 12,548.37, the Standard & Poor's 500 Index dropped 0.6% to end at 1329.47, and the Nasdaq Composite Index slid 1.6% to 2782.31.

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