NZ stocks: Market boosted by Fletcher Building

The New Zealand sharemarket was mixed today though turnover was healthy.

The benchmark NZSX-50 index closed down 0.04 per cent, or 1.133 points, at 2811.564. Turnover was 43 million shares worth $133.8 million. There were 41 rises and 44 falls among the 118 stocks traded.

"It's just been slightly up or slightly down all day. The odd thing that is up, like Telecom, offset what is down, like Fletcher Building and Contact. It's a mixed market," ASB's Stephen Wright said.

Telecom closed at 263, gaining 5c. Fletcher Building closed down 4c at 671, trading $29 million of shares.

Contact Energy dropped 7c, or 1.14 per cent, to 605, and SkyCity fell by 6c and 2.06 per cent to 285.

Air New Zealand shares dropped a cent to close at 108, despite yesterday's announcement of monthly results.

Over 10 million Kiwi Income Property Trust shares changed hands, and the price closed up 2.15 per cent at 95c.

Westpac was up 16c to close at 2615 and ANZ was down 2.14 per cent or 45c to 2055.

The Dow rose on Tuesday as investors scooped up defensive shares, including Pfizer, while energy companies' stocks climbed as oil hit a six-month high.

But the S&P was little changed and the Nasdaq fell as financial and technology shares declined after leading the recent rally from bear market lows.

"We're right at the precipice and people can't decide if the rally's still got room left or if we're priced about right and due for a sell-off," said Warren Simpson, managing director at Stephens Capital Management in Little Rock, Arkansas.

The Dow Jones industrial average rose 50.34 points, or 0.60 per cent, to 8469.11. The Standard & Poor's 500 Index was off 0.89 points, or 0.10 per cent, to 908.35. The Nasdaq Composite Index was down 15.32 points, or 0.88 per cent, at 1715.92.

- NZPA