New Zealand share prices closed barely changed on Monday amid continuing uncertainty over global financial stability, dealers said. The benchmark NZX-50 index rose 0.95 points to 3,188.54 on light turnover worth 65.5 million dollars (44.9 million US). Falling stocks outnumbered rises 47 to 32.
The market rose early after US lawmakers thrashed out a 700 billion US dollar rescue package for the ailing financial industry but the lack of detail kept investors cautious. There were also fears over the health of the financial system in Europe with Belgian-Dutch giant Fortis and British mortgage lender Bradford and Bingley facing likely nationalisation.
"We weakened this afternoon on a weak Australian market," Grant Williamson, partner at Hamilton Hindin Greene, said of the local market. He said there was still detail lacking on the US bailout, so its progress was still being watched. "The markets seem to be treading water until we get some firm direction from that package," he said. A take-over bid for Steel & Tube from its 50.27 percent Australian owner OneSteel saw its share price rise 80 cents to 3.80 dollars, compared with the 3.80 dollar a share bid price. Market leader Telecom rose five cents to 2.78 dollars, after losing six cents on Friday. Fletcher Building slipped 30 cents to 6.91 dollars on top of its 14 cent fall on Friday, while Contact Energy was down 12 cents at 8.29.
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