20 Jul 2010

Sharemarket bounces back - up 1%

6:59 pm on 20 July 2010

The benchmark NZX50 index rose 31 points, or 1%, to close at 2995 on Tuesday on turnover of $67 million.

All the major stocks were up - Fletcher Building by 16c to $7.69, Telecom by 5c to $1.93 and Contact Energy by 8c to $5.76 - as were Sky City Entertainment (4c to $2.97) and Sky Network Television (2c to $4.76).

The Warehouse gained 6c to $3.56 and New Zealand Oil and Gas 4c to $1.24, while PGG Wrightson fell 1c to 49c.

Farming Systems Uruguay rose 1c to 54c, following Olam International's announcement on Monday of a $110 million takeover offer.

A2 Corporation was unchanged at 86c after shareholders approved the buyout of its joint venture partner in A2 Dairy Products Australia.

Charlie's shares rose 11c to 93c after the company issued its full-year results.

In currency markets, the NZ dollar was at 71.14 US, 81.17 Australian, 46.65 pence, 61.93 yen and .5489 euro, while the TWI stood at 66.86.

The Australian market also closed higher, with the benchmark S&P/ASX200 index up 45.3 points, or 1.04%, to 4403.6 and the broader All Ordinaries up 46 points, or 1.05%, to 4418.7.