Wednesday 12th January 2011
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The New Zealand sharemarket rose modestly today with brokers noting strength in selected stocks like Vector.
Tower (NZX: TWR ) fell 7c to $2.00 on a day it traded ex a 6c dividend. Trading in Abano Healthcare (NZX: ABA ) was halted for a previously announced one-in-four share cancellation to be carried out. The cancellation effects a $27.3 million capital return to shareholders.
The benchmark NZX-50 index closed up 4.822 points, or 0.145%, at 3334.585, having yesterday gained 5.7 points.
Turnover was 32 million shares worth $87.4 million. There were 32 rises and 34 falls.
"The market was once again lacking volume," said Grant Williamson, director at Hamilton, Hindin, Greene.
Fletcher Building (NZX: FBU ) was up 4c to $7.87, on the day the company's $A740 million ($NZ960m) offer for ASX-listed building supplies firm Crane Group opened. Crane Group executives talked up their options in a media interview.
"It is typical in mergers and acquisitions to have conflicting reports depending on what side of the fence you sit on," Williamson said.
Vector (NZX: VCT ) rose 6c to $2.44 and the 837,795 shares traded was good volume for the stock.
"They weakened off because it appeared they missed out on the Government's broadband initiative but the market appears to be having a rethink," Williamson said.
Contact Energy (NZX: CEN ) rose 1c to $6.24, having announced after the market closed yesterday that its current managing director David Baldwin would step down in three months and rejoin parent company Origin Energy. His successor, Dennis Barnes, has worked for Origin since 1998.
Air NZ (NZX: AIR ) fell 1c to $1.52 on a day it signed a code share agreement with Virgin Atlantic. China Southern Airlines said today that it has decided to fly direct to Auckland from Guangzhou, rather than via Melbourne. The three times a week service is due to start on April 8.
Air NZ said the service complemented its services to other cities in China and did not increase competition on the Tasman.
Auckland Airport (NZX: AIA ) shares rose 3c to $2.24 as investors applauded its ability to attract new business.
In the US, energy shares helped the Dow Jones industrial average and the Standard & Poor's 500 end a three-day losing streak, even as investors worried rising fuel costs will undercut economic growth.
The Dow gained 0.3% to 11,671.88 while the S&P gained 0.4% to 1274.48, and the Nasdaq Composite gained 0.3% to 2716.83.
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