Shares rise 0.4%, little news to set tone

By NZPA

Tuesday 11th September 2007

The sharemarket rose 0.4% today with little corporate news to dictate direction.

The benchmark NZSX-50 index, which only fell 9 points yesterday despite a 2% plunge in the US market on Friday, was up 17.26 points to 4160.16 on turnover totalling $110.3 million.

"A pretty solid day in the circumstances, it seems to be business as usual here despite volatility overseas," Don Lewthwaite of First NZ Capital said.

"Everyone seems reasonably relaxed about the New Zealand economy and the New Zealand sharemarket."

Top stock Telecom rose 4c to $4.45, Fletcher Building gained 2c to $11.77, Contact Energy was up 5c at $9.15, Fisher & Paykel Appliances was up a cent at $3.62, and F&P Healthcare was flat at $3.58.

Takeover target Auckland International Airport was up 7c at $3.14, and Vector also gained 7c, to 249.

Sky City, which went ex a 12c dividend, was down 19c at $4.31, and Sky TV gained 6c to $5.55.

Air New Zealand rose 2c to $2.18, while Tourism Holdings lost 3c to $2.27.

Freightways was down 2c at $3.85, and Mainfreight lost 10c to $6.95.

NZX was up 8c at $9.65, Pumpkin Patch lost 3c to $3.25, The Warehouse rose 3c to $5.80 ahead of its annual result on Friday, and Hallenstein Glasson, which also reports on Friday, was unchanged at $4.65.

ING Medical Properties, formerly Calan Healthcare Properties, was down 2c at $1.28, while Ryman was steady at $2.01.

Among dual-listed stocks, Westpac was up 35c at $32.00, ANZ rose 5c to $34.00, AMP lost a cent to $12.55, Goodman Fielder lost 6c to $3.05, and Lion Nathan was down 5c at $10.85.

Australia's benchmark index was up 0.7% at 6232, while Japan's Nikkei average was up 0.5% on the back of a recovery in property shares such as Mitsubishi Estate.

Earlier on Wall Street, US stocks closed little changed as strength in semiconductor stocks tied to Intel's higher sales outlook offset lingering concerns about the mortgage market.

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