2 Apr 2010

New Zealand market closes up eight points

5:57 pm on 2 April 2010

The benchmark NZX50 index closed eight points higher, or 0.25%, to 3276 on turnover of $60 million on Thursday.

Fletcher Building finished down 1 cent to $8.34, Telecom was down 1c to $2.16 and Contact Energy was up 7c to $6.47.

Goodman Fielder was down 8c to $1.87 after announcing it will radically overhaul its edible fats and oils business. Auckland International Airport was up 3c to $1.97, Air New Zealand was up 4c to $1.31, Fisher & Paykel Healthcare was down 2c to $3.26 and Fisher & Paykel Appliances was unchanged at 62c.

Sky City Entertainment was down 2c to $3.20, Infratil was unchanged at $1.72 and Mainfreight was up 5c to $6.39.

The New Zealand dollar fell sharply on Thursday afternoon after the IMF warned that the currency was overvalued by between 10% and 25%.

It fell by more than half a cent to 70.50 US cents. By the end of the day, it was buying 70.55 US cents, 76.96 Australian cents, 46.40 pence, 65.91 yen and 0.52 25. The Trade Weighted Index was 65.61.