New Zealand share prices bucked sharp falls in world markets to close little changed on Monday, dealers said. The benchmark NZX-50 index closed up 1.53 points or 0.04 percent to 3,584.26 on turnover worth 109.million dollars (86.6 million US). Falling stocks outnumbered rises by 65 to 34.
Asian markets dived on Monday after sharp losses on Wall Street on Friday amid growing fears of a US recession. The local benchmark index spent most of the day in the red, but nudged into positive territory late in the session.
Forsyth Barr broker Suzanne Kinnaird said local shares may have been spared further losses Monday because some New Zealand companies have been reporting relatively solid results. Market leader Telecom rose five cents to 3.92 dollars after touching a low during the session of 3.82.
Fletcher Building fell 14 cents to 9.45, but Contact Energy rose nine cents to 7.98, possibly due to weekend rain raising hydro-electricity lake levels. Air New Zealand fell nine cents to 1.58 dollars, equalling its drop on Friday when the company posted a 58 percent rise in half year net profit. Mainfreight fell five cents to 6.50 dollars, GPG was down three cents at 1.64, Sky City rose three cents to 3.99 and Tower was down 10 cents at 1.96.
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