Auckland Airport remains focus, market steady

By NZPA

Tuesday 19th June 2007

The sharemarket inched higher today as interest remained focused potential takeover target Auckland Airport.

The benchmark NZSX-50 index closed up 6.94 points, or 0.2%, at 4310.12 on turnover valued at $100.3 million. Rises outnumbered falls 69 to 45.

Auckland Airport hit another record high, peaking at $3.35 before closing at $3.32, up 12c on yesterday's close. The company said yesterday Canada Pension Plan Investment Board (CPPIB) had been approaching its shareholders in an attempt to buy shares prior to a possible bid.

"Auckland Airport is the main talking point still, but the rest of the market's still reasonably solid," said Don Lewthwaite of First NZ Capital.

Stocks held yesterday's gains fairly well, but there were no highlights outside Auckland Airport.

"Corporate activity aside, the market's still looking for direction re valuations," he said.

Fletcher Building, which rose 15c yesterday, was up 9c at $12.95. The other two of the top trio were down -- Telecom by 5c to $4.63 and Contact Energy by 5c to $9.00.

Fisher & Paykel Appliances was up 5c at $3.80, while F&P Healthcare fell 4c to $3.50.

Air New Zealand hit a five-year high of $3.13 before closing at $3.12, up 2c on the previous session. The Warehouse was up 7c at $6.05, Port of Tauranga fell 9c to $6.85, Freightways lost 4c to $4.18, and Mainfreight rose 2c to $7.50.

Pumpkin Patch was down 6c at $3.62 and Hallenstein Glasson fell 3c to $4.82, while rural services stock PGG Wrightson was off a cent at $1.76 after its purchase of an Australian seed distributor.

Tower rose 5c to $2.63.

Among dual-listed stocks, Westpac rose a cent to $28.75, Telstra fell 14c to $5.23, AMP lost 11c to $11.29, ANZ rose 7c to $32.87 and Lion Nathan gained 10c to $10.00.

Japan's Nikkei was flat, while Australia's S&P/ASX 200 rose 0.4% to 6368.1.

Earlier on Wall Street, stock indexes trod water as oil prices above $US69 ($NZ92.71) a barrel took a toll on energy-dependent sectors and offset some of the gains from a fresh round of corporate takeovers.

Comments from our readers

No comments yet