Sharechat Logo

NZ sharemarket opens slightly higher

Monday 24th January 2011 1 Comment

Text too small?

The New Zealand sharemarket opened slightly higher and trading is expected to be reduced today by the Wellington Anniversary holiday.

The benchmark NZX-50 was up 2.747 points at 3355,469 in early trading.

Wall Street provided a positive lead on Friday after it was boosted by a strong performance by its General Electric, which rose 7.1% to its highest intraday level since November 2008 after reporting stronger-than-expected earnings.

Air NZ (NZX: AIR ) rose 1c to $2.26 as the investors continued to absorb its move to buy 14.99% of Virgin Blue. Commentators are optimistic the investment will do better than its previous foray into Australia vis airline Ansett.

Kathmandu (NZX: KMD ) was unchanged at $2.10 after the Sydney Morning Herald speculated about the future of the company's poorly performing United Kingdom stores, while quoting the company saying it was under no pressure to make a decision.

Auckland Airport (NZX: AIA ) was up 1c at $2.26. Steel & Tube (NZX: STU ) rose 3c to $2.30 and Mainfreight (NZX: MFT ) rose 4c to $8.05. Infratil (NZX: IFT ) rose 4c to $8.05.

Telecom (NZX: TEL ) was down 1c at $2.30 and Fletcher Building (NZX: FBU ) was up 3c at $7.80.

In the US, the Dow and S&P 500 rose as General Electric's earnings put a positive tone on the economic recovery, snapping a two-day losing skid for the benchmark index.

The Nasdaq was pulled lower by Google, ending a week marked by investors pulling back from outperforming technology shares.

The Dow Jones industrial average rose 49.04 points, or 0.41%, to end at 11,871.84. The Standard & Poor's 500 Index added 3.09 points, or 0.24%, to 1283.35. The Nasdaq Composite Index shed 14.75 points, or 0.55%, to 2689.54.

Google shares were down 2.4% as confidence that chief executive Larry Page would rejuvenate the internet search company wavered.



  General Finance Advertising    

Comments from our readers

On 24 January 2011 at 11:32 am Ian Nowell said:
Get it right boys and girls! How long has AIR been at 2.26. Not good enough.
Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

18th October 2021 Morning Report
T&G Global Limited (NZX: TGG) FY21 Earnings Guidance Update
Arvida Group Limited (NZX: ARV) Successful Completion of $155m Placement
FreshLeaf: Cannabis on course to be 'medicine of the masses'
Arvida Group Limited (NZX: ARV) to Acquire Arena Living Retirement Living Portfolio
My Food Bag Group Limited (NZX: MFB) Market Update and HY Results Announcement Date
Harmoney Corp Limited (NZX: HMY) Delivers Record September Quarter
Vital Healthcare Property Trust (NZX: VHP) Announces Successful Completion of $115m Placement
14th October 2021 Morning Report
General Capital Limited (NZX: GEN) Completes Greenfern Listing