The New Zealand sharemarket rose in early trade as investors
faced a barrage of company results.
Air New Zealand was up 2c to $1.23 early after reporting
normalised full year earnings before tax falling 6% to $137
million, amid subdued demand for air travel in tough economic
conditions.
Nuplex shot up 15c, or 5%, to $3.10, after announcing a
profit four times higher than a year earlier.
NZ Oil & Gas, which announced a full year net loss of
$3.3 million as exploration costs ate into earnings, slipped
1c early to $1.18.
Auckland International Airport delivered a better than
expected annual result, with underlying net profit after tax
of $105.05 million being 0.8% lower than the previous year.
Its shares were unchanged early at $1.97.
About 10.15am, the benchmark NZX-50 index was up 13.86 points
to 3019.91, after falling 18.6 points yesterday with the
decline smaller than that in other markets.
Telecom lifted 3c early to $2.02, Port of Tauranga rose 8c to
$6.73, Sanford was up 8c at $4, Contact Energy rose 2c to
$5.74, and Ebos Group rose 5c to $6.65.
In the United States, stocks staged a comeback, breaking a
four-day losing streak by major indexes, as key technical
support triggered bargain hunting that offset weak economic
data.
The Dow Jones industrial average rose 0.2 percent to
10,060.06, the Standard & Poor's 500 Index added 0.3
percent to 1055.33, and the Nasdaq Composite Index gained 0.8
percent to 2141.54.
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