Market Close: Shares push into positive territory

Monday 23rd June 2008

The NZ50 managed to push into positive territory today, despite a gloomy day on Wall Street Friday, and closed up 4 points at 3288 on moderate volume of $105 million.

A Colmar Brunton survey released suggested that consumer confidence is improving from very weak levels, however its findings are in contrast to the fortnightly Roy Morgan survey.

Telecom was up 1.1%, closing at $3.77, after it announced its new General Counsel Tristan Gilberston. This completes the Telecom executive line up.

Fletcher Building ($6.58,+17c) was up 2.7% after its terrible week last week, as was Fisher and Paykel Healthcare ($2.22,+8c) up 3.7%. Fisher and Paykel Appliances ($1.91,-4c) was down 2.1% however this was as a result of the share going ex dividend.

New Zealand Oil and Refining ($6.85,+45c) was up 7.0% after being sold off heavily on Friday.

Delegats did not trade today after it announced a bumper 2008 harvest volume and upgraded there FY08 profit guidance.

US stocks fell sharply on Friday with the Dow closing below 12,000 for the first time since mid-March as rising oil prices and warnings of more mortgage-related write-downs at banks reignited investor fears of worse to come. The S&P ASX 200 opened at 5,211 and managed to claw back some ground during the day to close at 5,283, which was just down 4 points from Friday's close.

The main changes in the NZ market:

AFFCO Holdings	up 2	to $ .44
Contact Energy	up 8	to $ 8.23
F&P Healthcare Corp	up 8	to $ 2.22
Fletcher Building	up 17	to $ 6.58
NZ Refining Co	up 45	to $ 6.85
Pike River	up 2	to $ 2.02
Sanford	up 25	to $ 5.10
Sky City Entertainment	up 5	to $ 3.25
Telecom Corp of NZ	up 4	to $ 3.77
Templeton EM IT Plc Ord	up 5	to $ 10.80
AMP	down 12	to $ 8.25
Air New Zealand	down 4	to $ 1.10
Auckland Intl Airport	down 5	to $ 1.91
Caledonia Investment plc	down 99	to $ 48.00
Goodman Fielder	down 2	to $ 1.74
Guinness Peat Group Plc	down 3	to $ 1.45
Michael Hill Intl	down 6	to $ .79
Ryman Healthcare	down 6	to $ 1.62
Telstra Corp	down 14	to $ 5.41
Westpac Banking Corp	down 11	to $ 25.99

NZ Top 50	3,287.557	+4.131 (+0.13%)
ASX 200	5,283.700	-4.600 (-0.09%)
Dow	11,842.69	-220.40 (-1.83%)
Nasdaq	2,406.09	0.00 (0.00%)
FTSE 100	5,673.20	+52.40 (+0.93%)

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