Tuesday 22nd March 2011
|Text too small?|
The New Zealand sharemarket continued to recover from last week's three-month low, holding onto gains made in early trade as blue chip stocks buoyed the market.
Stocks rose across the globe as risk appetite returned, following progress in resolving Japan's nuclear crisis.
The benchmark NZX-50 index closed up 16.86 points, or 0.5%, at 3365.2, having risen nearly 9 points yesterday.
Among the top stocks, Fletcher Building (NZX: FBU ) closed up 5c at $8.78, Contact Energy (NZX: CEN ) was up 2c at $5.76, Telecom (NZX: TEL ) gained 0.5c to $1.99, Sky City (NZX: SKC ) rose 3c to $3.36 and Sky TV (NZX: SKT ) was up 4c at $5.59.
Retailer The Warehouse (NZX: WHS ) was up 3c at $3.42, jeweller Michael Hill International (NZX: MHI ) was a cent higher at 91, while clothing retailers Hallenstein Glasson (NZX: HLG ) and Pumpkin Patch (NZX: PPL ) were steady at $3.65 and $1.30 respectively. Outdoor clothing retailer Kathmandu (NZX: KMD ) rose 6c to $2.22.
Insurer and fund manager Tower (NZX: TWR ) was a cent higher at $1.74, stock exchange operator NZX (NZX: NZX ) fell a cent to $2.04, and accounting software developer Xero (NZX: XRO ) rose 4c to $2.52.
Just 11 stocks declined on the top-50, including a 4c fall for Methven (NZX: MVN ) to $1.52, a 7c fall for Steel & Tube (NZX: STU ) to $2.52, a 1c fall for Air New Zealand (NZX: AIR ) to $1.11 and a 2c fall for Rakon (NZX: RAK ) to $1.04.
Across the Tasman, the S&P/ASX 200 Index was down a point at 4640. Japan's Nikkei share average was up 3.8% this afternoon, having partly recovered from its 14% slump last week on fears about its crippled nuclear reactor.
In the US, buyers were enticed by the biggest proposed merger of the year.
AT&T rose 1.1% after the company announced a US$39 billion (NZ$53 billion) plan to buy Deutsche Telekom's T-Mobile USA, refocusing investor attention on attractive company valuations.
No comments yet
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