20 Aug 2008

Sharemarket languishes before small rise

9:32 pm on 20 August 2008

The New Zealand sharemarket finished a slow day on a higher note on Wednesday, as the NZX 50 index rose seven points to 3326 on turnover of $73 million.

Telecom was up 7 cents to $3.29, Contact Energy was down 7c to $8.56 and Fletcher Building was up 15c to $6.95.

Fisher & Paykel Appliances was unchanged at $1.88.

Sky Network Television was down 8c to $4.95 after posting a 26% increase in profit to $97.7 million.

Tourism Holdings was down 1c to $1.41 after profit rose 7% to $14.3 million in the year to June.

PGG Wrightson was up 11c to $2.95 after making a full-year profit of $73.2 million on Tuesday. New Zealand Oil and Gas was down 3c to $1.45.

The dollar was buying 71.50 US cents, 81.93 Australian cents, 38.30 pence, 78.56 yen and 0.4842 euro. The Trade Weighted Index was 66.49.

The Australian sharemarket closed firmly in the black after a stronger commodity prices drove resources sector higher, helping to overcome a negative lead from Wall Street.

The S&P/ASX200 was up 63.1 points, or 1.3%, to 4929.5, while the All Ordinaries gained 67.1 points, or 1.36%, to 4997.5.

The September share price index futures contract gained 20 points to 4,882.