The New Zealand sharemarket started the week with a modest gain on modest volume. A positive internat
ional backdrop is helping sentiment but the market continues to be in wait-and-see mode for the local corporate earnings season. The benchmark NZSX-50 index closed up 12.693 points, or 0.452 per cent, at 2820.913. Turnover was worth $59 million. There were 48 rises and 34 falls among the 109 stocks traded. "It is the usual quiet Monday," said Stephen Wright at ASB Securities. "There is still generally a lack of corporate news so sentiment is just based on overseas markets, which were firm," he said. Fletcher Building closed down 1c at 682. Mr Wright said the stock opened around 687, went to 694, then ended down."It just goes to show what a mixed and cautious market we have got," he said. Contact Energy lifted 7c to 590 and Telecom lifted 2c to 273. Air NZ rose 2c to 93 amid media reports that a merger with Virgin Blue would make sense for the airline but was unlikely.
ional backdrop is helping sentiment but the market continues to be in wait-and-see mode for the local corporate earnings season. The benchmark NZSX-50 index closed up 12.693 points, or 0.452 per cent, at 2820.913. Turnover was worth $59 million. There were 48 rises and 34 falls among the 109 stocks traded. "It is the usual quiet Monday," said Stephen Wright at ASB Securities. "There is still generally a lack of corporate news so sentiment is just based on overseas markets, which were firm," he said. Fletcher Building closed down 1c at 682. Mr Wright said the stock opened around 687, went to 694, then ended down."It just goes to show what a mixed and cautious market we have got," he said. Contact Energy lifted 7c to 590 and Telecom lifted 2c to 273. Air NZ rose 2c to 93 amid media reports that a merger with Virgin Blue would make sense for the airline but was unlikely.For further details visit as : www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10585614
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