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Market close: NZX 50 rises for third day, NZ Oil & Gas gains with crude oil

Tuesday 21st October 2008

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New Zealand stocks rose for a third day, extending a global rally, as central banks and governments prepared to extend efforts to revive financial markets. The NZX 50 Index rose 62.099, or 2.2%, to 2952.019. Turnover was NZ$80.3 million, less than the daily average NZ$100 million. New Zealand Oil & Gas Ltd. led the advance, gaining 14% after the price of crude oil rose. Shares on Wall Street rallied yesterday, sending the Dow Jones Industrial Average up 4.7% after Federal Reserve Chairman Ben Bernanke backed proposals to extend the bailout of financial institutions. The FTSE 100 rose 5.4% in London yesterday. In Tokyo today, the Nikkei 225 Index rose 1.8% in midday trading. Australia’s S&P/ASX 200 Index gained 2.9% to 4262.3 in late afternoon trading, led by commodity and energy companies. Rio Tinto surged 11% and Gloucester Coal gained 10%. The NZX 50 Index extended its three-day advance to almost 7%. “The market in general was getting better but still on a pretty low turnover,” said Stephen Wright, an adviser at ASB Securities. “There’s still a lot of investors sitting on the sideline.” New Zealand Oil & Gas rose 14% to NZ$1.23. Crude oil for November delivery rose 1.9% percent to US$75.69 a barrel on the New York Mercantile Exchange, the third daily gain, according to Bloomberg. Steel & Tube Holdings rebounded from a record 22% slump yesterday prompted by OneSteel’s decision to quit its takeover offer. Steel & Tube gained 6.7% to NZ$3.01 today. OneSteel had offered NZ$4 a share for the half stake in the company it didn’t already own. Telecom Corp., the biggest stock on the index, fell 2.4% to NZ$2.44 snapping a two-day gain that lifted the shares from a record low NZ$2.22 on Oct. 16. The shares have slid almost 8% in the past 5 days, weighed down by the company’s forecast for a profit drop next year because of spending on its high-speed mobile network. Among other stocks, Allied Work Force soared 24% to 62 cents after reporting a 31% gain in first-half profit and lifting its dividend 25% to 3.5 cents a share. The shares have tumbled 50% this year. Warehouse Group Ltd., the biggest retailer on the NZX, led gains in consumer-related stocks as central bank figures showed a rebound in credit card billings in September. Warehouse rose 4.7% to NZ$4.05 and jewelry chain Michael Hill International rose 4.5% to 70 cents. Woolworths Ltd., Australia’s biggest retailer, today said sales from its New Zealand supermarkets rose 3.1% in kiwi dollars. Stocks have also been buoyed by the prospects of the central bank making a record-sized cut to the official cash rate this week, which may drive down credit costs. Governor Alan Bollard may reduce the OCR by 100 basis points to 6.5% on Thursday, according to a Reuters survey. (


NZ Top 50 2,952.019 +62.099 (+2.15%)
ASX 200 4,302.500 +160.200 (+3.87%)
Dow 9,265.43 +413.21 (+4.67%)
Nasdaq 1,770.03 +58.74 (+3.43%)
FTSE 100 4,282.67 +219.66 (+5.41%)
Last updated: 21/10/2008 5:08pm
AIA 1.85 +0.02
AIR 0.85 +0.01
AMP 7.31 +0.31
ANZ 21.10 +1.50
APN 3.30 0.00
APT 1.07 +0.01
CAV 2.47 -0.01
CEN 7.55 +0.25
EBO 4.35 +0.05
FBU 6.45 +0.24
FPA 1.34 +0.02
FPH 3.27 +0.12
FRE 3.15 +0.03
GFF 1.70 +0.06
GMT 1.13 +0.03
GPG 1.02 +0.03
HLG 2.58 +0.06
IFT 2.07 +0.03
IMP 1.11 +0.01
ING 0.66 +0.03
KIP 1.11 0.00
LNN 9.57 -0.08
MFT 6.00 +0.34
MHI 0.70 +0.03
MVN 1.30 +0.03
NPX 5.40 +0.30
NZO 1.23 +0.15
NZR 6.10 +0.10
NZS 1.15 +0.02
NZX 6.11 +0.11
PFI 1.16 +0.03
PGW 1.76 -0.08
POT 6.65 +0.25
PPL 1.12 +0.01
PRC 1.42 -0.01
RAK 2.15 +0.11
RYM 1.61 +0.06
SAN 5.54 +0.13
SKC 3.40 +0.08
SKL 0.81 +0.03
SKT 3.97 +0.07
STU 3.01 +0.19
TEL 2.44 -0.06
THL 1.07 0.00
TLS 4.75 +0.05
TPW 7.40 +0.20
TWR 1.45 +0.10
VCT 2.02 -0.01
WBC 26.20 +0.81
WHS 4.05 +0.18







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