28 Jul 2010

NZ, Australian markets higher at close

10:14 pm on 28 July 2010

Markets in New Zealand and Australia gained by the close of trade on Wednesday.

The benchmark NZX 50 was up 14 points, or 0.5%, to close at 3022 on turnover of $44 million.

Shares in Fletcher Building were down 6 cents to $7.68, Telecom gained 3c to $1.96, while Contact Energy gained 6c to $5.66.

Sky City Entertainment was up 3c to $3.01 and Sky Network Television rose 4c to $4.79

Retailer The Warehouse fell 5c to $3.55.

Air New Zealand was down 1c to $1.15 after announcing it carried 7.8% more passengers in June this year compared with last year.

Michael Hill Jewelery fell 2c to 68c after cutting the value of its 2008 intellectual property sale.

Infratil was unchanged at $1.62. The company's manager is bidding for Australia's Port of Brisbane.

NZ Refinery down 1 cent to $3.07 and Farming Systems Uruguay was unchanged at 55 cents.

The Australian share market fought back from brief losses sparked by Wednesday's weaker than expected inflation figures to close about 0.6% higher.

Bureau of Statistics figures show inflation was a smaller than expected 0.6% in the June quarter, taking annual headline inflation to 3.1%, the ABC reports.

By the close of trading, the All Ordinaries Index had rallied 28 points to 4,542, and the ASX 200 finished the day 32 points higher at 4,530.