New Zealand share prices closed flat Tuesday, as local investors remained uninspired by strong gains in the United States, dealers said. The benchmark NZX-50 index closed up 2.34 points or 0.07 percent at 3,167.41 on turnover worth 275.2 million dollars (203.8 million US). There were 43 rises and the same number of falls among the 112 stocks traded.
"I think it is just poor sentiment toward our market," said Stephen Wright of ASB Securities. Volume was boosted by a sale of Auckland International Airport shares by infrastructure investor Infratil, which offloaded its 3.87 percent stake at 1.84 dollars a share.
Auckland International Airport fell six cents to 1.87 dollars on volume worth 189.8 million dollars and Infratil closed down seven cents at 1.53. Among the leaders, Fletcher Building rose three cents to 8.04 dollars, Telecom fell three cents to 2.49 and Contact Energy gained 13 cents to 6.17. Kiwi Income Property Trust eased one cent to 1.02 dollars after announcing the terms of a 125 million dollar sale of mandatory convertible notes.
Mainfreight rose 15 cents to 5.50 dollars, Steel & Tube gained eight cents to 3.21 and stock exchange operator NZX added 20 cents to 8.15. Sanford rose 10 cents to 5.00 dollars and Nuplex added five cents to 2.63. Port of Tauranga gained five cents to 7.10 dollars, Freightways was up two cents at 3.07 and TrustPower rose one cent to 7.53.