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Market Close: Bargain hunters push market higher

Wednesday 16th July 2008

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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.

NZ Top 50 3,059.357 +18.904 (+0.62%)
ASX 200 4,870.600 +54.900 (+1.14%)
Dow 10,962.54 -92.65 (-0.84%)
Nasdaq 2,215.71 +2.84 (+0.13%)
FTSE 100 5,171.90 -128.50 (-2.42%)

 

  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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