1 Jun 2010

Restaurant Brands shares up as market falls

9:06 pm on 1 June 2010

The benchmark NZX50 index fell 6 points, or 0.2%, to close at

3054 on Tuesday on turnover of $20 million.

Two of the major stocks were down - Fletcher Building 4c to $8.22 and Telecom 3c to $1.87 - but Contact Energy gained 6c to $5.93.

Fisher and Paykel Healthcare fell 5c to $3.19 while Fisher and Paykel Appliances was unchanged at 56c.

Pine Gould Corporation gained 1c to 45c after announcing it was considering a merger with the Canterbury Building Society and the Southern Cross Building Society with the aim of creating a bank.

Restaurant Brands finished up 7c at $2.32 after announcing improved first-quarter sales results.

Allied Farmers dropped 0.1c to a record low of 5c after increasing Allied Nationwide's credit facility from $5 million to $10 million.

Australian market dragged down

The Australian sharemarket closed moderately lower, dragged down by weakness among financial stocks.

The benchmark S&P/ASX200 index shed 16.6 points, or 0.37%, to 4413.1 points, while the broader All Ordinaries fell 16.9 points, or 0.38%, to 4436.7.