7 Feb 2011

NZ and Australian markets up

1:18 pm on 7 February 2011

The New Zealand stock market was up on Monday morning.

At 12.27pm, the NZX 50 index was up 8 points, or 0.2%, at 3376, on turnover of $62 million.

Telecom was down 1 cent at $2.23 after a joint bid with Vodafone was announced as the prefered bidder for the Government's rural broadband rollout.

Fletcher Building was up 9c at $8.13 and Contact Energy was up 3c to $6.21

Auckland International Airport Ltd was unchanged at $2.24 and Air New Zealand was up 2c at $1.39.

Fisher & Paykel Healthcare was down 2c at $3.18, Pumpkin Patch was up 1c to $1.48, The Warehouse was up 1c to $3.65 and Infratil was down 1c at $1.93.

PGG Wrightson shares were down 2c to 60c after saying tough trading conditions caused it to lose $5.9 million in the six months to December. Independent directors have recommended that shareholders accept a partial-takeover offer from Agria, its largest investor.

Comvita was unchanged at $1.52 after saying it plans to appeal a British court decision revoking one of its patents.

Tourism Holdings was up 4c, to 63c. On Friday it warned it will make a loss this year instead of a profit, due to weather disruptions and a poor tourism market.

Across the Tasman, the Australian 200 index was up 6 points, at 4869 in early trading.

The New Zealand dollar was trading at 76.94 US cents, 75.94 Australian cents, 47.81 pence, 63.25 yen and 0.5672 euro. The Trade Weighted Index was at 68.4.