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Flat start for NZ sharemarket
Tuesday October 20, 10:37 AM
The New Zealand sharemarket was flat early after stocks in the United States hit fresh one-year highs but with the New Zealand dollar pushing ominously higher.
The kiwi climbed through the night and then pushed higher after the currency market opened locally to peak at a 15-month high of US75.75c around 9.30am. It also touched its highest levels in at least a year against the euro and yen.
ANZ bank said locals would be asking how much higher the NZ dollar could climb, and the answer could be of major concern to the export sector.
Around 10.15am the benchmark NZSX-50 index was down 0.5 points to 3220.43, having gained 13.7 points yesterday.
Fletcher Building was down 5c early to 830, after rising 18c yesterday, while Hellaby Holdings was down 2c.
Shares rising early included Steel & Tube up 6c to 305 on low volume, Port of Tauranga up 5c to 725, Mainfreight up 3c to 565, Telecom up 2c to 255, NZ Refining Co up 2c to 510, and Cavalier Corp up 2c to 250. Infratil gained 1c early to 167.
In the US, stocks rose to fresh 12-month highs as optimistic investors rode a wave of solid quarterly results.
Earnings from companies, including Gannett Co Inc, which beat analysts' expectations, and positive broker commentary on Caterpillar Inc further encouraged investors looking for confirmation the economy is healing.
The Dow Jones industrial average added 1 percent to end at 10,092.19, the Standard & Poor's 500 Index gained 0.9 percent to 1097.91, and the Nasdaq Composite Index rose 0.9 percent to 2176.32.
Source:
- Air New Zealand Limited (NZX: AIR.nz)
- AMP Limited (NZX: AMP.nz)
- Cavalier Corporation Limited (NZX: CAV.nz)
- Contact Energy Limited (NZX: CEN.nz)
- Fisher & Paykel Healthcare Corporation Limited (NZX: FPH.nz)
- Freightways Limited (NZX: FRE.nz)
- Horizon Energy Distribution Limited (NZX: HED.nz)
- Mainfreight Limited (NZX: MFT.nz)
- New Zealand Exchange Limited (NZX: NZX.nz)
- Nuplex Industries Limited (NZX: NPX.nz)
- Port of Tauranga Limited (NZX: POT.nz)
- Postie Plus Group Limited (NZX: PPG.nz)
- Pumpkin Patch Limited (NZX: PPL.nz)
- Ryman Healthcare Limited (NZX: RYM.nz)
- Sky City Entertainment Group Limited (NZX: SKC.nz)
- Steel & Tube Holdings Limited (NZX: STU.nz)
- Telecom Corporation of New Zealand Limited (NZX: TEL.nz)
- TrustPower Limited (NZX: TPW.nz)
- Fletcher Building Limited (NZX: FBU.nz)
- Infratil Limited (NZX: IFT.nz)
- AMP Limited (NZX: AMP.nz)
- Cavalier Corporation Limited (NZX: CAV.nz)
- Hellaby Holdings Limited (NZX: HBY.nz)
- Mainfreight Limited (NZX: MFT.nz)
- Port of Tauranga Limited (NZX: POT.nz)
- Steel & Tube Holdings Limited (NZX: STU.nz)
- Telecom Corporation of New Zealand Limited (NZX: TEL.nz)
- Fletcher Building Limited (NZX: FBU.nz)
- Infratil Limited (NZX: IFT.nz)
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