7 May 2009

NZ market up slightly

7:10 am on 7 May 2009

The New Zealand stock market rose on Wednesday, up 12 points to 2831 on a turnover of $90 million.

The New Zealand dollar was trading at 57.71 US cents, 78.37 Australian cents, 38.44 pence, 56.62 yen and 0.4352 euro. The Trade Weighted Index was at 56.93.

Telecom, which faces an attempt by Vodafone to obtain a court injunction to stop its network launch, was up 4 cents at $2.82.

Contact Energy was unchanged at $6.10, Fletcher Building was down 3c to $6.90.

Goodman Fielder announced its intention to sell of one of its divisions to focus on its core operations. It was up 1c to $1.52.

Westpac was down 11c to $25.08 after posting a drop of 15% in half-year profit.

The Australian share market closed lower on Wednesday over renewed investor nervousness about the health of the United States banking sector.

At close, the S&P/ASX200 had lost 23.3 points, or 0.6%, at 3867.1 while the broader All Ordinaries was down 22.1 points, or 0.57%, at 3840.1.

US markets

Wall Street stocks dipped on Tuesday amid worries about capital shortfalls at US banks that underwent stress tests.

The Dow Jones Industrial Average edged lower by 16.09 points, or 0.19%, to 8,410.65.

The Nasdaq shed 9.44 points, or 0.54%, to 1,754.12. Standard & Poor's 500 dropped 3.44 points, or 0.38%, to 903.8.