11 Nov 2009

Little movement on NZ sharemarket

7:48 pm on 11 November 2009

A sluggish New Zealand market reflected Wall Street, with the benchmark NZX 50 index closing down 6 points, or 0.2%, to 31.61 on Wednesday.

Fletcher Building fell 9 cents to $7.95 after saying full year profits are expected to be within analysts' expectations of $261 million and $340 million.

Telecom rose 5 cents to $2.51 while Contact Energy fell 1 cent to $6.16.

Sky City Entertainment Group was unchanged at $3.37, while The Warehouse was down 5 cents at $4.25.

Infratil was up 3 cents to $1.56 after selling its nearly 4% stake in Auckland International Airport on Tuesday.

Auckland Airport was unchanged at $1.87, while Nuplex was down 4 cents to $2.59.

Across the Tasman, the Australian 200 index was up 27 points, or 0.5%, to 47.61 in mid-afternoon trading.

In currency markets, the NZ dollar was trading at 74.01 US cents, 79.6 Australian, 44.32 pence, 66.31 yen and 0.4945 euro. The TWI was 65.91.

US market flat

On Wall Street, US stocks ended the session on Tuesday little changed.

The Dow Jones industrial average gained 20.03 points, or 0.20%, to end at 10,246.97.

The Standard & Poor's 500 Index lost 0.07 of a point, or 0.01%, to 1,093.01.

The Nasdaq Composite Index fell 2.98 points, or 0.14%, to close at 2,151.08.