18 Aug 2008

Sharemarket up 17 points

8:15 pm on 18 August 2008

The sharemarket, down three points on flat trading at 1pm on Monday, turned around by the close of business, with the NZX 50 index up 17 points to 3351 on turnover of $123 million.

Telecom finished down 4c to $3.24, Contact Energy was up 7c to $8.57 and Fletcher Building was up 25c to $6.99.

Michael Hill International was up 2c to 89c after reporting that its annual profit rose 20%.

Steel and Tube was up 10c to $3.25 after reporting a fall in full-year profit.

New Zealand Farming Systems Uruguay was down 2c to $1.78.

New Zealand Finance was unchanged at 40c after picking a lower profit for the March 2009 year.

New Zealand Oil and Gas was up 2c to $1.49.

The dollar was trading at 69.69 US cents, 80.67 Australian cents, 37.38 pence, 76.82 yen and 0.4719 euro. The Trade Weighted Index was 65.04.

The Australian share market nudged a little higher after closing relatively flat last week as gold and oil prices rose and investors anticipated a good profit result from BHP Billiton.

The S&P/ASX200 index was up 3.3 points to 4985, while the All Ordinaries index gained 4.6 points to 5,043.5.

On the Sydney Futures Exchange, the September share price index contract was 41 points higher at 4979 on a volume of 23,510 contracts.