MARKET CLOSE: NZ share rise, bucking U.S. overnight slide

Dec. 29 (BusinessDesk) – Tiny volumes of shares traded on the NZX today, with shares drifting in the holiday atmosphere and a 0.3 percent rise in the NZX 50 Index to 3246.254.

Nonetheless, the New Zealand market rose despite an overnight fall in U.S. stocks.

“It wasn’t big, but to the surprise of everyone, our day finished up on the day, despite a weaker close on Wall Street,” said James Snell, at First NZ Capital. Stocks dropped in Europe and on Wall Street last night. The Stoxx 600 Index ended the day with a 0.7 percent decline.

Total turnover for the day in New Zealand was just $29.13 million, involving 12.17 million shares.

Crystal oscillator maker Rakon was off 2.08 percent at 47 cents, and PGG Wrightson fell 2.78 percent to 37 cents. Global logistics firm Freightways was typical of market heavyweights, rising a bit yesterday and falling back 1.89 percent to $3.63 a share today.

After a strong run yesterday, Ebos fell back from $6.60 to $6.55, having risen strongly after announcing acquisitions before Christmas.

In the quiet Christmas/New Year’s week trading environment, First NZ’s Snell said there was “lots of little cashflow in the market”.

While one broker suggested volumes could be a little stronger tomorrow, reflecting the likelihood of institutional book-squaring at the end of the December quarter, Snell was doubtful.

It had been a volatile year and “people generally probably avoid trading the market on the last day of the month,” he said.

Friday trading on the NZX will finish one hour early at 4p.m.

(BusinessDesk)

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