Market Close: Bargain hunters push market higher

The markets moved into positive territory today as bargain hunters came out to play, pushing the NZSE50 up 0.62% to end the day at 3,059.

Top stock Telecom surged 2.1% and second-ranked Contact Energy jumped 3.6%, while Fletcher Building gave back 0.2%. TrustPower fell 1.7% and Vector closed unchanged.
Following a steep fall in oil prices overnight, New Zealand Oil & Gas plunged 4.5% but The New Zealand Refining Company added 0.3%.

Banking stocks recovered, with ANZ jumping 3.1% and Westpac surging 3.3%.

Rakon fell 1.9% and Fisher & Paykel Healthcare dropped 1.8% on the back of a stronger New Zealand dollar. However, Fisher & Paykel Appliances rose 1.5%.

The benchmark S&P/ASX200 index closed 54.9 points, or 1.1%, higher at 4870.6 with bargain hunters snapping up banking shares.

While the Nasdaq closed up 2.84 points or 0.1% 2,215.71, the Dow closed down 92.65 points or 0.8% at 10,962.54 and the S&P 500 closed down 13.39 points or 1.1% at 1,214.91.

NZX TOP 50
As at: 16/07/2008 5:34pm
CODE	LAST	+/-
AIA	1.86	+0.01
AIR	1.10	+0.01
AMP	8.11	+0.28
ANZ	22.52	+0.67
APN	3.90	0.00
APT	1.05	0.00
CAV	2.15	-0.03
CEN	7.40	+0.26
EBO	4.21	-0.04
FBU	6.04	-0.01
FPA	1.98	+0.03
FPH	2.23	-0.04
FRE	2.95	-0.05
GFF	1.65	-0.02
GMT	1.11	+0.03
GPG	1.29	-0.01
HLG	2.65	0.00
IFT	1.95	+0.02
IMP	1.09	-0.02
ING	0.83	0.00
KIP	1.10	-0.01
LNN	10.76	+0.14
MFT	6.32	-0.01
MHI	0.73	-0.02
MVN	1.55	-0.01
NPX	5.14	+0.02
NZO	1.71	-0.08
NZR	6.55	+0.02
NZS	1.75	-0.07
NZX	6.70	-0.25
PFI	1.13	-0.02
PGW	2.40	-0.10
POT	6.31	+0.01
PPL	1.42	+0.02
PRC	2.12	+0.02
RAK	2.60	-0.05
RYM	1.57	-0.06
SAN	5.13	0.00
SKC	2.98	+0.02
SKL	0.81	-0.03
SKT	4.15	-0.02
STU	2.55	-0.08
TEL	3.38	+0.07
THL	1.40	0.00
TLS	5.39	-0.11
TPW	7.52	-0.13
TWR	1.98	+0.03
VCT	1.99	0.00
WBC	24.45	+0.78
WHS	3.90	0.00

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