28 Nov 2008

Market up 42 points

7:47 pm on 28 November 2008

The New Zealand share market was up again on Friday, with the NZX 50 index ahead 42 points to 2710 on turnover of $73 million.

Telecom was up 11 cents to $2.49, Contact Energy was down 5c to $6.75 and Fletcher Building was down 12c to $5.58.

The Warehouse was up 11c to $3.63 after telling shareholders at its annual meeting that trading conditions were tough, but it was in a good position to continue to expand. Air New Zealand was up 3c to 89c and Nuplex was up 30c to $3.75.

The dollar was buying 55.27 US cents, 84.09 Australian cents, 35.88 pence, 52.63 yen and 0.4283 euro. The Trade Weighted Index was 55.76.

Across the Tasman, the Australian share market finished on a positive note, buoyed by bargain hunters snapping up shares in BHP Billiton and Rio Tinto, two days after the takeover dissolved.

The S&P/ASX200 index was up 154.5 points, or 4.31%, to 3742.5, while the All Ordinaries rose 144.6 points, or 4.1%, to 3672.8.

On the Sydney Futures Exchange, the December share price index contract was up 168 points to 3,736 on a volume of 25,936 contracts.