30 Aug 2008

NZ market up 28 points

5:54 am on 30 August 2008

The New Zealand sharemarket closed up 28 points to 3353, on turnover of $78 million, on Friday.

New Zealand Oil and Gas was down 1 cent to $1.61 after announcing a profit of $97.2 million in the year to June.

Pike River Coal, in which NZOG has a third stake, rose 1 cent to $1.90, after announcing it lost $1.1m in the year to June.

Cavotech MSL was unchanged at $4.39 after posting its half year profit of $5.3m.

Telecom was up 4c to $3.30, while Fletcher Building went up 25c to $7.55.

Contact Energy was up 12c to $8.47 while Auckland International Airport rose 5c to $2.11.

The Warehouse was up 8c to $3.40.

Financial sector helps Australian market

The Australian share market closed substantially stronger, driven by gains in the financial sector.

The 200 index was up 69.1 points, or 1.36%, to 5,135.6, while the broader All Ordinaries Index advanced 72.2 points, or 1.4%, to 5,215.5.

On the Sydney Futures Exchange at 1616 AEST, the September share price index contract was 85 points higher at 5,146 on volume of 21,936 contracts.

Macquarie Bank finished up $1.96, or 4.66%, at $44.04.

Westpac was up 41c, or 1.77%, to $23.55, National Australia Bank was up 50c, or 2.08%, to $24.50, while ANZ lifted 41c, or 2.53%, to $16.61.

Other markets

Asian stocks climbed on Friday, led by industrial companies and exporters, after a big upward revision to second-quarter US economic growth boosted the outlook for demand.

European shares opened flat to a touch higher, with investors' focus on a rise in first-half profit from the world's second-biggest retailer Carrefour and US personal consumption data for July due later.

The US dollar slipped as oil prices climbed $1 in anticipation of Tropical Storm Gustav hitting the Gulf of Mexico, home to a quarter of US oil production. Crude tumbled more than $2 overnight after the US government promised to tap emergency stockpiles if needed.

Japanese share prices surged 2.39% on Friday, ending above the key 13,000 point level after unexpectedly strong US economic growth sparked a rally on Wall Street.

The Tokyo Stock Exchange's benchmark Nikkei 225 index rose 304.62 points to 13,072.87, the highest close since 18 August.