21 Dec 2010

Steady day's trading nudges market up 19 points

8:30 pm on 21 December 2010

The NZX 50 index rose 19 points, or half a percentage point, to close at 3319 on Tuesday on turnover of $77 million.

Fletcher Building gained 4c to $7.77, after Crane Group advised its shareholders on Monday to reject a takeover offer.

Contact Energy and Telecom were both up, Contact by 10c to $6.24 and Telecom by 2c to $2.23.

Michael Hill International is up 1c at 88c after receiving a takeover offer from interests associated with its founder and major shareholder on Monday.

New Zealand Oil and Gas dropped 1c to 83c and Abano Healthcare 2c to $4.85 after its half-year profit fell by a fifth.

Air New Zealand unchanged at $1.49 after the Transport Minister approved its trans-Tasman tie-up with Virgin Blue.

Fisher & Paykel Applicances is up 3c to 54c after issuing a profit warning on Friday because of difficult trading conditions in November.

PGG Wrightson rose 1c to 48c after issuing its own profit warning on Friday.

Fisher & Paykel Healthcare is down 1c to $3.09, Pumpkin Patch up 8c to $1.67 and Sky Television up 4c to $5.27.

In currency markets the dollar was trading at 74.52 US cents, 74.82 Australian, 47.92 pence, 62.34 yen, and .5557 euro. The TWI stood at 66.36.

Across the Tasman

The Australian sharemarket closed firmer, boosted by mining stocks that were driven by a rise in commodity prices to 27-month highs overnight.

The benchmark S&P/ASX200 index was up 35.3 points, or 0.75%, at 4771.9 points, while the broader All Ordinaries index gained 33.3 points, or 0.69%, to 4862.5.