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MARKET CLOSE: NZ shares snap 7-day slide

Tuesday 26th January 2010

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New Zealand shares snapped a seven-day slide in light trading as the Australia Day holiday sapped activity in the local market. Michael Hill International led gainers.

The NZX 50 rose 20.406, or 0.6%, to 3209.063, gaining from a month low. Within the index, 23 stock rose, 18 fell and nine were unchanged. Turnover was a lower-than-average $33.9 million.

Helping lift sentiment in the domestic market were reports that Federal Reserve chairman Ben Bernanke is set to be reappointed to the role in which he helped steer the world’s biggest economy through the financial crisis. The Dow Jones Industrial Average climbed 0.2%.

Michael Hill (NZX: MHI ) rose 2.9% to 70 cents. The jeweller is rated outperform, based on recommendations compiled by Reuters.

Nuplex (NZX: NPX ) advanced for a third straight session, rising 2.7% to $3.39 on the prospects of a record first-half profit and the reinstatement of dividends.

Auckland International Airport (NZX: AIA ) gained 2.7% to $1.92. Fletcher Building (NZX: FBU ), the biggest construction firm, climbed 2% to $8.18.

Property investors extended their slide on concern they’ll lose tax breaks under reforms proposed by the Tax Working Group. AMP NZ Office Trust (NZX: APT ) fell 2.7% to 73 cents, leading decliners on the NZX 50. ING Property Trust (NZX: ING ) fell 1.3% to 76 cents and ING me4dical dropped 1.7% to $1.16. Kiwi Income Property Trust (NZX: KPT ) fell 1% to $1.

Guinness Peat Group (NZX: GPG ) declined 1.1% to 87 cents after Australian media reports that chairman Ron Brierley is planning to leave the company amid suggestions the investment group could be at the end of its run.

Air New Zealand (NZX: AIR ) fell 0.8% to $1.19. The airline today announced the rollout of more comfortable seating and cabin facilities as it seeks to gain an edge over rival carriers for long-haul routes.

“Such innovations put it ahead of its competitors, and give you a better chance of greater load factors when customers experience this choice, and a greater chance of repeat business,” said Forsyth Barr head of research Rob Mercer.

Rakon (NZX: RAK ) which manufactures crystal oscillators used in mobile phones and navigation systems, dipped 2.6% to $1.11.

Businesswire.co.nz



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