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Market Close: Shares push into positive territory

Monday 23rd June 2008

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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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