Monday 21st February 2011
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The New Zealand sharemarket started the week on the back foot with declines in key shares, including Telecom and Fletcher Building.
The benchmark NZX-50 index fell a whopping 30 points to 3381.93, after reaching a high on Friday when it closed up 17 points.
PGG Wrightson (NZX: PGW ) shares dropped 3c, or just over 5%, to $5.40 after a second possible bidder ruled itself out of the running for the company.
PGG Wrightson said a party that had been interested in the company had decided it would not be making a formal takeover offer. A partial takeover offer by shareholder Agria Corp continues.
Meanwhile, Sky TV (NZX: SKT ) fell 13c to $5.45, Fisher & Paykel Healthcare (NZX: FPH ) fell 5c to $3.04, Trustpower (NZX: TPW ) dropped 2c to $7.20, while Abano Healthcare (NZX: ABA ) gained 1c to $4.66, and Xero (NZX: XRO ) added 2c to $2.65.
In the US, late arrivals to the speediest rally in stocks since the Great Depression pushed stocks higher for a third week on Friday (local time), despite growing signals of an overheating market.
Analysts said investors appeared reluctant to sell despite slack volume and a narrowing spread between winners and losers.
The Dow Jones industrial average gained 0.6% to 12,391.25, the Standard & Poor's 500 Index added 0.2% to 1343.01, and the Nasdaq Composite Index edged up 0.1% to 2833.95.
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