16 Dec 2008

New Zealand share market rises

9:41 pm on 16 December 2008

The benchmark NZX 50 index rose 19 points to close at 2695 on Tuesday on turnover of $66 million.

Telecom finished up 4 cents to $2.40, Fletcher Building was up 17c to $5.93 and Contact Energy was up 3c to $6.85. Sky Network Television was up 10c to $3.95, while Air New Zealand was up 4c to 88c.

Michael Hill International ended the day up 1c to 59c after saying overall sales rose as increases overseas offset a sharp fall in spending at its stores in New Zealand.

The Warehouse was up 17c to $3.42 and New Zealand Oil & Gas was up 4c to $1.33.

The dollar was buying 55.88 US cents, 83.53 Australian cents, 36.50 pence, 50.55 yen and 0.4072 euro. The Trade Weighted Index was 54.90.

Heavy trading in Telstra Corporation and a weaker resources sector led Australian share market to close about 1% weaker.

The S&P/ASX200 index was down 35.2 points, or 0.98%, to 3556.2, while the All Ordinaries index was down 36.8 points, or 1.04%, to 3,498.9 points.

On the Sydney Futures Exchange, the December share price index contract was down 29 points to 3575 points on a volume of 140,284 contracts.