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NZPA / Wayne Drought
NZ sharemarket rises moderately
The New Zealand sharemarket rose today but many eyes were on the Australian market's resource stocks.
The benchmark NZSX-50 rose 18.795 points, or 0.668 percent, to 2834.508. Turnover was worth $96.4 million. There were 55 rises and 26 falls among the 120 stocks traded.
"You'd have to say it was a mixed day of trading," ABN Amro Craigs senior dealer Bryon Burke said. "Really the major activity was in Australia with BHP and Rio," he said.
Rio Tinto scrapped a planned $US19.5 ($NZ31) billion partnership with Chinalco in favour of an iron ore joint venture with rival BHP Billiton, and a $US15.2b deeply discounted rights issue.
In New Zealand, leader Telecom had a good day, rising 5c to 261.
But Contact Energy fell 15c to 580. TrustPower rose 10c to 785.
Mr Burke said Fisher & Paykel Appliances performed well considering trading of rights in its rights issue began. Its shares fell 2.5c to 69. The rights traded at 28c.
Fletcher Building fell 4c to 695 and announced a proposal to close a particleboard plant today.
