3 Nov 2009

NZ market down

6:44 pm on 3 November 2009

The Benchmark NZX 50 index fell 24 points, or 0.18%, to 31.58 at the close of trading on Tuesday.

Fletcher Building rose 3 cents to $8.15, Telecom was unchanged at $2.53, and Contact Energy fell 8 cents to $6.10.

Sky City Entertainment was up 2 cents to $3.41, while Auckland International Airport was down 5 cents to $1.92.

Air New Zealand fell 1 cent to $1.27, after announcing it is buying 14 new Airbus A320 planes to replace its Boeing 737-300s.

Infratil was down 2 cents to $1.63 after announcing it, and the New Zealand Superannuation Fund, are in negotiations to buy some of Shell's assets.

The Warehouse lost 2 cents to $4.51.

Across the Tasman, the Australian Reserve Bank raised the official cash rate from 3.25 to 3.5%, saying the risk of serious economic contraction has passed.

The Australian 200 index was down 10 points, or 0.2%, to 45.31 at 3pm local time.

In currency markets at 5pm, the NZ dollar was trading at 71.99 US cents, 79.7 Australian, 44.02 pence, 65.01 yen and 0. 4876 euro. The TWI is 64.91.

Wall St ends higher

US stocks rose on Monday after another round of solid economic reports, but fell back after a Federal Reserve official's warning about banks' loan losses.

The Dow Jones industrial average gained 76.71 points, or 0.79%, to end at 9,789.44.

The Standard & Poor's 500 Index climbed 6.69 points, or 0.65%, to 1,042.88.

The Nasdaq Composite Index added 4.09 points, or 0.20 percent, to 2,049.20.

Ford Motor Co shares jumped 8.3% to $US7.58 after the automaker posted a quarterly profit.