New Zealand shares rise 0.41 percent

New Zealand share prices rose 0.41 percent on Friday in cautious, low volume trading in the wake of the US Thanksgiving holiday, dealers said. The benchmark NZX-50 index rose 16.78 points to close at 4,071.00 on light turnover worth 71.2 million dollars (53.8 million US).
Good value was starting to emerge but investors remained risk averse due to the US subprime mortgage crisis, he said. Local exporters were being hurt by the high New Zealand dollar, as hedging arrangements expired and all companies were facing higher costs, he said.
"Operating conditions are less than positive and that has followed through into sentiment," Willis said. Market movements suggest investors are not optimistic that any high-priced bids for Sky City will emerge.