Monday 21st February 2011
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The New Zealand sharemarket was lower in early trading at the start of the week, with declines in key shares, and PGG Wrightson was down after a second possible bidder ruled itself out of the running for the company.
PGG Wrightson said a party that had been interested in the company had decided it would not be making a formal takeover offer. A partial takeover offer by shareholder Agria Corp continues. PGG Wrightson (NZX: PGW ) shares fell 3c early to 54.
Around 10.15am the benchmark NZX-50 index was down 9.49 points to 3403.25, after reaching a 2-1/2-year high on Friday when it closed up 17 points.
Fisher & Paykel Healthcare (NZX: FPH ) fell 2c to $3.07, Trustpower (NZX: TPW ) dropped 2c to $7.20, and Sky TV (NZX: SKT ) fell 4c to $5.54, while Abano Healthcare (NZX: ABA ) gained 6c to $4.71, Cavalier Corp (NZX: CAV ) lifted 5c to $3.28, Sky City (NZX: SKC ) added 2c to $3.31, and Xero (NZX: XRO ) added 2c to $2.65.
In the US, late arrivals to the speediest rally in stocks since the Great Depression pushed stocks higher for a third week on Friday, despite growing signals of an overheating market.
Analysts said investors appeared reluctant to sell despite slack volume and a narrowing spread between winners and losers.
On Friday the Dow Jones industrial average gained 0.6% to 12,391.25, the Standard & Poor's 500 Index added 0.2% to 1343.01, and the Nasdaq Composite Index edged up 0.1% to 2833.95.
For the week, the Dow and the S&P 500 gained 1%, and the Nasdaq added 0.9%.
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