NZ shares experience modest gains
Despite worries about the state of US banks; modest gains were posted by the New Zealand share market.
Since the Australian market turned negative and future prices hinted a fall in the US market when it opens, the benchmark NZX-50 index closed up 12.309 points or 0.437 percent at 2831.36.
Today, the turnover was worth $94 million of which $28.7m was in Telecom shares. Among the 116 stocks traded, there were 44 rises and 30 falls.
Among the best performers of the leaders, Telecom came up rising 5c to 283.
Fletcher Building, which late today announced that the company has raised $120 million from the share purchase plan and top up offer, retreated 12c to 681.
While NZX went up by 14c to 765 today, Contact Energy was down 5c to 605.
On the other hand, Infratil was down 5c to 160 and Lion Nathan was down 18c to 1480, while Rakon rose 9c to 159.
A hike by 5c to 430 was seen in SkyTV and 9c to 270 in Hallenstein Glasson, while Tenon rose 5c to 80.
The Warehouse and Fisher & Paykel Appliances were up 3c to 378 and 5c to 61 respectively.
