MARKET CLOSE: NZ shares inch higher

Monday 10th January 2011

The New Zealand sharemarket reversed a small decline to start the week in the black, but few stocks made any moves of significance.

The benchmark NZX-50 index lost a few points as the session kicked off but closed up 6.1 points at 3324.1, nearly making up Friday's 7.8-point loss.

Among the top stocks, Telecom (NZX: TEL ) was unchanged at $2.18, Contact Energy (NZX: CEN ) rose a cent to $6.19, Fletcher Building (NZX: FBU ) was flat at $7.78, and Auckland Airport (NZX: AIA ) lost 2c to $2.22.

Sky City (NZX: SKC ) gained 2c to $3.36, Sky TV (NZX: SKT ) was up 5c at $5.25 and Infratil (NZX: IFT ) gained 3c to $1.94.

Retailers were mixed, after figures were released showing a modest improvement in December spending accompanied by signs of consumer caution.

The Warehouse (NZX: WHS ) rose 4c to $3.43, Hallenstein Glasson (NZX: HLG ) lost a cent to $4.16, Pumpkin Patch (NZX: PPL ) gained a cent to $1.73 and Kathmandu Holdings (NZX: KMD ) eased 2c to $1.80.

Fast food operator Restaurant Brands (NZX: RBD ) jumped 6c, or more than 2%, to $2.68. Also on the rise were Mainfreight (NZX: MFT ), up 4c at $7.99, Property for Industry (NZX: PFI ), up 3c at $1.16, and Ebos Group (NZX: EBO ), up 4c at $7.40.

Dual-listed stocks were largely weaker. Westpac (NZX: WBC ) was down 69 at $28.80 and ANZ (NZX: ANZ ) off 34c at $29.76, AMP (NZX: AMP ) fell 18c to $6.77, and Telstra (NZX: TLS ) lost 5c to $3.63.

Australia's S&P/ASX 200 Index was up 5 points, or 0.1%, at 4710, and Japan's Nikkei share average was up a similar amount.

In the US stocks closed with modest losses on Friday (local time) after a mixed unemployment report dampened sentiment and as bank stocks took a bashing following a court ruling on home foreclosures.

The US Labor Department reported a sharp fall in the unemployment rate in December to 9.4%, but at the same time, the economy created 103,000 jobs, many fewer than the 150,000 forecast by analysts.

Federal Reserve chairman Ben Bernanke warned on Friday that the current rate of job creation was "insufficient" and meant a "considerable time" will be needed to right the jobs market.

NZPA

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