11 Jul 2008

Mixed end to week for markets

9:28 pm on 11 July 2008

Markets in the Asia-Pacific region have ended the trading week mixed.

On Friday, the NZX50 index was up 8 points to 3121 at the close.

Major stocks Telecom rose 2 cents to $3.39, while Fletcher Building fell 5c to $6.38. Michael Hill International was down 1c at 77 cents and The Warehouse slid 4c to $4.

The Australian share market rose 0.9% as resource stocks, led by gold and oil companies, surged on higher commodity prices and the banks pared early losses.

At 1615 AEST, the benchmark S&P/ASX200 index had firmed 42.5 points, or 0.86%, to 4,979.9, while the broader All Ordinaries added 47.3 points, or 0.94%, to 5,067.8.

The September share price index futures contract rose 27 points to 4,973 on a total volume of 20,301 contracts.

The spot price of gold was $US944.85, up $US15.75 on last night's Sydney close.

Market turnover was 1.54 billion shares worth $A4.71 billion, with 621 rising, 491 falling and 315 unchanged.

In Japan, share prices were down 0.21%, amid renewed concerns about the health of American financial institutions and the fallout from the credit crunch, dealers said.

The Tokyo Stock Exchange's benchmark Nikkei-225 index dropped 27.52 points to end at 13,039.69.

The broader Topix index of all first-section shares slipped 4.85 points or 0.38% to 1,285.91.

Hong Kong shares rose 1.7% on Friday, with the benchmark index closing above 22,000 for the first time in July. The Hang Seng Index ended up 362.77 points at 22,184.55 after opening barely changed. It rose 3.6% for the week.