20 May 2009

NZ sharemarket makes small gain

10:16 pm on 20 May 2009

The New Zealand share market rose 10 points, or 0.37%, to close at 2801 on turnover of $69 million on Wednesday.

Top stock Telecom rose 3 cents to $2.62 after announcing more details about the services it will offer on its new XT mobile network.

Contact Energy was up 3c to $5.95, while Fletcher Building rose 2c to $6.61.

Lion Nathan was up 6c to $15.02 after posting a 7% increase in half-year profit.

The Australian share market closed slightly higher as heavyweight resources stocks posted gains on a day of light trade.

The benchmark S&P/ASX200 closed up 7.3 points, or 0.19%, at 3824.6, while the broader All Ordinaries added 8.3 points, or 0.22% to 3808.9.

Tokyo share prices closed up 0.59% on hopes of a recovery in the Japanese economy following its worst ever performance to date in the first quarter of the year.

The Japanese government says the country's economy is plunging at its fastest rate since records began in 1955.

Gross domestic product in the world's second largest economy shrank by 4% in the first three months of this year, compared with the last quarter of 2008.

The benchmark Nikkei-225 index gained 54.35 points to 9,344.64. The broader Topix index of all first section shares climbed 6.54 points, or 0.74%, to 886.30.