Tuesday 25th January 2011
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Telecom shares retreated from an earlier 11-month high and the New Zealand sharemarket turned away from a strong start as the initial boost from a good showing by US blue chips faded.
The benchmark NZX-50 index closed up 6.41 points at 3359.07, having edged down less than 1 point yesterday.
Telecom (NZX: TEL ) gained 1c to $2.32 earlier in the session, but closed unchanged at $2.31.
Among other blue chips, Sky TV (NZX: SKT ) was up 9c at $5.30, and Fisher & Paykel Healthcare (NZX: FPH ) rose 1c to $3.20, but entertainment company Sky City (NZX: SKC ) was down 4c at $3.23 and Auckland Airport (NZX: AIA ) shed 1c to $2.24.
Gold miner OceanaGold (NZX: OGC ) slipped 8c to $3.60 after announcing it was taking full control of its Reefton mine from April, assuming mining operations and maintenance from Stracon Mining.
Air New Zealand continued to benefit from last week's news that it has bought a 15% stake in Australian-based rival Virgin Blue, a move judged generally positive for the airline by credit rating agency Moody's.
Air NZ (NZX: AIR ) shares rose 3c to $1.45.
Discount retailer The Warehouse (NZX: WHS ) was up 6c at $3.68, adventure gear retailer Kathmandu (NZX: KMD ) was up 6c at $2.16, carpet maker Cavalier (NZX: CAV ) was up 6c at $3.24, and freight company Mainfreight (NZX: MFT ) hit a four-year high of $8.15, up 13c.
Australia's S&P/ASX 200 Index was up 23 points, or half a percent, at 4810.
In the United States, Wall Street resumed its rally, ending higher on gains by tech and natural resources shares as investors see stocks regaining the momentum lost last week.
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