9 May 2011

Market gains 13 points on Monday

7:00 pm on 9 May 2011

The benchmark NZX50 rose 13 points on the first day of trading this week to close at 3519 on turnover of $25 million.

Fletcher Building rose 2ct to $8.98 and Contact Energy 5c to $6.02, while Telecom shed 2c to close at $2.195.

Sky City Entertainment Group was up 5c at $3.73, Sky Television Network up 6c at $5.74 and Auckland International Airport up 2c at $2.26.

The Warehouse dropped 3c to $3.69 and New Zealand Oil and Gas 2c to 95c.

Air New Zealand gained 1c to $1.14 and Methven 2c to $1.46.

Spotless Group was unchanged at $3.87 after saying it won't be taking any action on a private equity firm's conditional $A650 million bid to buy the company.

And Allied Farmers was unchanged at 1.1c after announcing it has entered into a conditional agreement to sell the rest of the property it holds at Clearwater, near Christchurch.

In currency markets, the NZ dollar was buying 79.39 US, 73.66 Australian, 48.39 pence, 63.89 yen and 0.5512 euro, while the TWI stood at 68.22.

Across the Tasman

The Australian market finished flat as investors backed off ahead of the release of the federal budget on Tuesday.

The benchmark S&P/ASX200 index was up 13.8 points, or 0.29%, at 4756.8, while the broader All Ordinaries index was up 15.6, or 0.32%, to 4831.7.