Sharechat Logo

MARKET CLOSE: Telecom retreats from 11-month high

Tuesday 25th January 2011

Text too small?

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.

Fletcher Building (NZX: FBU ) held onto a 9c gain to close at $7.90, but Contact Energy (NZX: CEN ) closed down a cent at $6.25, retreating from a session high of $6.30.

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.

Infrastructure investor Infratil (NZX: IFT ) was down 1c at $192, while network company Vector (NZX: VCT ) gained 1c to $2.48.

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.

Fast food operator Restaurant Brands (NZX: RBD ) fell 7c to $2.44, NZ Refining (NZX: NZR ) was down 10c at $4.59, and Steel & Tube (NZX: STU ) lost 3c to $2.27.

Among dual-listed stocks, Telstra (NZX: TLS ) was up 9c at $3.70, AMP (NZX: AMP ) gained 8c to $6.70, ANZ (NZX: ANZ ) jumped 32c to $30.92 and Westpac (NZX: WBC ) was up 35c at $29.95.

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.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto