4 May 2011

NZ market up, Australian down

1:46 pm on 4 May 2011

The New Zealand stock market was up on Wednesday morning.

At 12:06pm, the NZX50 index was up 11 points, or 0.3%, to 3506 on turnover of $51 million.

Fletcher Building was up 3 cents at $9.08 and Contact Energy was down 3c at $6.00.

Telecom was up 4c to $2.164. The Commerce Commission on Tuesday accused it of inflating the value of its assets and substantially overstating the cost of providing rural phone lines.

Westpac was up 16c to $33.50 after its cash earnings rose 68% to $210 million in the first half of this financial year, compared with the same period the year before.

ANZ was down 27c to $32.25 after it lifted its half year profit on Tuesday by a quarter, driven by a drop in bad debts.

Sky City Entertainment Group was down 2c at $3.58, Sky Television was up 2c at $5.73 and Auckland International Airport Ltd was up 1c to $2.235.

The Warehouse was up 3 cents to $3.74 after Ted van Arkel was appointed as an independent director. Pumpkin Patch was up 3 cents at $1.21

Argosy Property Trust was unchanged at 79 cents. It owns the Albany Mega Centre which was one of the worst buildings affected by Tuesday's tornado, which killed one person and injured 14 others.

APN News & Media was down 10 cents to $1.98 after telling investors on Tuesday that its half year earnings are expected to fall by between $A15 - $A20 million due to the Christchurch earthquake and the Queensland floods.

Charlies was up 1 cent to 29 cents.The Australian supermarket chain Coles will now stock its premium Phoenix Organics range in its 750 supermarkets.

Kathmandu was up 2 c to $2.62 after announcing same store third quarter sales rose more than 23%. It remains on track to deliver strong year-on-year sales and profit growth.

Across the Tasman, the Australian 200 was down 19 points, to 4766.

The New Zealand dollar was trading at 79.79 US cents, 73.51 Australian cents, 48.41 pence, 64.7 yen and 0.538 euro. The Trade Weighted Index was at 67.94.