Quiet start for NZ share market

Last updated 10:55 07/09/2010

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NZ dollar up on strong retail spending Stocks slip with profit taking Markets retreat as Greeks scramble for cash Stocks slip after Mainfreight result Kiwi falls on European downgrades Stocks gain on Greek vote; euro dips Greek deal fans risk asset buying Finance and business diary Stocks down despite Greek news Dollar up on Greek debt package

The New Zealand share market opened relatively quietly this morning as trade overseas thinned since the US Labour Day holiday gave overseas markets no data to digest.

The benchmark NZX-50 index opened up 3.362 points, or 0.107 percent to 3146.504, after closing up 35.713 points yesterday.

Fletcher Building, Steel & Tube and Cavalier Carpets soared yesterday, while Tower shares plunged as investors assessed the implications of Saturday's destructive Christchurch earthquake.

This morning, after gaining 39c yesterday, Fletcher Building was down 4c to 810, while Steel & Tube and Cavalier continued to show gains, up 1c to 238 and 1c to 265 respectively.

Tower was unmoved, sitting at 185.

Telecom continued a strong run opening up 1c to 210, New Zealand Oil and Gas was up 4c to 128, and Air New Zealand was up 2c to 132.

KiwiTrust rose 1c to 98, Rakon rose 1c to 121, and Sky City rose 1c to 296.

Goodman Property rose 1c to 96 after yesterday reporting its portfolio was largely unaffected by the earthquake, and The Warehouse was up 1c to 366.

Contact Energy was down 1c to 564, Fisher & Paykel Healthcare was down 1c to 303, Ryman was down 1c to 205, and Nuplex was down 2c to 328.

The US was on Labour Day holiday overnight, New Zealand time, after Wall Street ended last week strongly.

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- NZPA