The New Zealand stock market was up despite index heavyweight Fletcher Building taking a hit as across the Tasman, construction materials maker Boral reduced its forecast earnings by AU$22 million which spelled bad news for the building sector as a whole.
The NZX50 index was up 0.1 per cent or 3.78 points to 3385.10. Within the index, 25 stocks rose, 15 fell and 10 were unchanged.
Hamilton Hindin Greene director Grant Williamson said the New Zealand sharemarket was firmer today than yesterday, out of the red.
"New Zealand Oil and Gas had some positive news, there are indications its Kupe gas field may be in for a reasonable upgrade in resources, extending the life of that project," Williamson said. It was up 3.2 per cent to 80c.
"Unfortunately Fletcher Building weighed on the market somewhat. It mainly appeared to be in reaction to an Australian building company Boral downgrading its earnings which had an immediate dampening effect on Fletcher Building's share price." It was down 1.9 per cent to $5.77.
Australian phone company Telstra rose 2.6 per cent to $4.67. Xero was up 2.1 per cent to $4.95. ANZ and Westpac banks both showed strength with ANZ up 2 per cent to $27.48 and Westpac rising 1.65 per cent to $26.50.
Insurer Tower was up 1.9 per cent to $1.58. Freightways, the express package and information management company, was up 1.9 per cent to $3.74.
Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 1.55 per cent to $1.97. Markets operator NZX Limited rose 1.5 per cent to $1.37.
Auckland International airport was up 1.3 per cent to $2.42. Clothing retailer Hallenstein Glassons rose 1.25 per cent to $4.05. Chorus was up 1 per cent to $3.11.
New Zealand Refining fell 4.2 per cent to $2.30. Rural services company PGG Wrightson was up 3.2 per cent to 30c. Fisher & Paykel Appliances, the whiteware manufacturer and exporter, fell 2.8 per cent to 52c.
National carrier Air New Zealand was down 2.3 per cent to 86c. Jewellery retailer Michael Hill fell 2 per cent to 99c.
OceanaGold was down 1.7 per cent to $2.31. Trade Me Group was down 1.35 per cent to $3.65. Diligent Board Member Services fell 0.9 per cent to $3.47.
Outdoor clothing and equipment company Kathmandu Holdings was down 0.75 per cent to $1.33. Rubber goods and milking equipment manufacturer Skellerup Holdings was down 0.75 per cent to $1.33.
DNZ Property Fund fell 0.7 per cent to $1.47. Australian wealth manager AMP fell 0.6 per cent to $4.75. Casino and hotels operator SkyCity Entertainment was down 0.6 per cent to $3.38.
"Once again, investors are just keeping a very close eye on offshore markets," Williamson said.
The European Summit on Thursday and Friday will see leaders from the euro zone tackle fiscal integration issues, especially the possibility of creating a union between banks.
- © Fairfax NZ News