10 Aug 2009

NZ market up, Australia flat

9:49 pm on 10 August 2009

New Zealand's share market had a bright start to the week, with the benchmark NZX 50 index closing up 11 points, or 0.4%, to 3080, on turnover of $57 million.

Telecom was down 2 cents at $2.75, Fletcher Building down 14 cents at $7.18, and Contact Energy down 1 cent at $6.49.

Sky City Entertainment Group was unchanged at $3.39 and Air New Zealand up 2 cents to $1.20. Hallenstein Glasson fell 1 cent to $2.78.

Mainfreight was up 13 cents to $4.98 and Port of Tauranga up 12 cents to $6.75.

In currency markets at 5.08pm, the NZ dollar was trading at 67.35 US cents, 80.15 Australian cents, 40.29 pence, 65.53 yen, and 0.4739 euro. The Trade Weighted Index stood at 62.83.

Australian stocks close flat

The Australian share market closed flat after pulling back from a 10-month intraday high, with the banks and big miners trading lower as the start of the reporting seasons got underway.

At the 1615 AEST close, the benchmark S&P/ASX 200 index was up 4.7 points, or 0.11%, at 4304.1, after reaching 4347.9, the highest intra-day level for the index since 14 October last year.

The broader All Ordinaries index gained 6.1 points, or 0.14%, to 4309.2.

On the Sydney Futures Exchange, the September share price index futures contract was five points higher at 4267 on a volume of 22,970 contracts.

Commonwealth Bank, whose annual results will be released on Wednesday, lost 61 cents to $A43.84. Westpac was down 17 cents at $A22.66, NAB fell 4 cents to $A25.46 and ANZ lost 9 cents at $A19.29.

Rio Tinto dropped $A2.02 or 3.33% to $A58.55 and BHP Billiton lost 24 cents, or 0.63%, at $A37.76.

The major retailers were stronger. Woolworths added 50 cents to $A27.20, Coles owner Wesfarmers lifted 61 cents, or 2.47%, to $A25.29 and David Jones rose 4 cents to $A4.85.

At 1636 AEST, the spot price of gold in Sydney was $US954.55 per fine ounce, down $US6.90 on Friday's close of $US961.45.

Among the gold stocks, Lihir Gold was down 3 cents at $A2.65, Newcrest had dropped 25 cents at $A30, and Newmont was 2 cents higher at $A4.98.

Energy stocks closed weaker. Woodside Petroleum was down 18 cents at $A43.57, Santos was down 11 cents at $A14.58 and Oil Search fell 3 cents at $A5.47.

Telstra shares were up 6 cents at $A3.58, while Optus owner Singapore Telecommunications was 3 cents lower at $A2.61.

Wall Street up

On Wall Street on Friday, the Dow Jones Industrial Average gained 113.81 points, or 1.23%, to 9370.07 - its highest level since 4 November.

The Nasdaq composite rose 27.09 points, or 1.37%, to 2000.25. Standard & Poor's 500 index advanced 13.4 points, or 1.34%, to 1010.48.