NZX50 index up 0.5 per cent

RICHARD MEADOWS
Last updated 17:42 06/11/2012

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Finance and business diary Job-match website testing Kiwi waters Markets acting nervous as Fed officials convene Asian shares pinned near 5-month lows Aussie shares stage comeback Overvalued kiwi dollar 'a concern' Wall St closes lower on Fed concerns NZX falls in morning trade Sharp Air NZ share price slump under scrutiny NZX reappointed to world exchange body

The New Zealand sharemarket rose today as rates were kept on hold in Australia and trading was quiet in both the European and American markets overnight.

The NZX50 index was up 0.5 per cent of 19.40 points to 3927.67. Within the index, 28 stocks rose, 13 fell and nine were unchanged.

Other markets in the Asia Pacific region were a mixed bag in terms of direction for kiwi investors.

Australia's S&P/ASX200 index was up 0.2 per cent, Hong Kong's Hang Seng index was down 0.5 per cent, the South Korean Kospi was up 0.65 per cent and Japan's Nikkei 225 index fell 0.4 per cent.

The leading gainer on the NZX50 was national carrier Air New Zealand, up 3.75 per cent to $1.25.

Whiteware manufacturer and exporter Fisher & Paykel Appliances fell 0.4 per cent after Chinese Haier's stake in shareholdings rose above 90 per cent.

Rakon, the maker of crystal timing devices used in technology, jumped 0.04 per cent to 45c a share after announcing it would cut 60 New Zealand jobs to outsource employment to China and India.

Rural services company PGG Wrightson was up 2.9 per cent to 35c. Restaurant Brands, the operator behind KFC and Pizza Hutt, was up 2.4 per cent to $2.60. Fletcher Building rose 1.9 per cent to $7.13.

Rubber goods and milking equipment manufacturer Skellerup rose 1.8 per cent to $1.68. Investment holdings company Guinness Peat Group rose 1.75 per cent to 58c after announcing it sold its ClearView Wealth investment for $80.7m.

Nuplex, the industrial chemicals and resins maker, was up 1.7 per cent to $2.94.

NZX rose 1.6 per cent to $1.25. Freightways rose 1.6 per cent to $4.41. Would-be bank Heartland was up 1.5 per cent to 68c.

Trade Me Group shares fell 1.5 per cent to $4.04 after news it had added another independent director to its board, Sydney technology entrepreneur Paul McCarney.

Insurer Tower fell 1 per cent to $1.93. Telecom fell 0.8 per cent to $2.38. Diligent Board Member Services was down 0.8 per cent to $3.76. Contact Energy was down 0.75 per cent to $5.31.

Australian wealth manager AMP fell 0.5 per cent to $5.62. Property For Industry fell 0.4 per cent to $1.21. Telstra Corp fell 0.4 per cent to $5.12.

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- BusinessDay.co.nz

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