NZ stocks: Market suffers slight dip

The New Zealand stock market had a quiet Monday, failing to grasp the coat-tails of positive gains made in Asian markets.

The benchmark NZSX-50 index opened this morning at 2599.026 and immediately headed south before struggling up throughout the day.

At 5pm it ended down 7.601 points, or 0.292 per cent, at 2591.425.

Just over 40 million shares were traded, worth $71.5m.

It was a bit of a disappointing day on the local market, which did not see any flow on from the good rises in Asian markets, particularly in Australia, said Hamilton, Hindin, Greene director Grant Williamson.

It was "pretty typical Monday trading" with low volumes and little local news to influence pricing, he said.

However, there were encouraging signs from the Asian markets which meant there could be a good night on offshore markets.

"There is a degree of confidence returning to the marketplace, both here and offshore, and that seems to be a continuation of the past two weeks."

In the top 50 stocks NZ Farming Systems Uruguay lost 3c, or 3.85 per cent, to 75 and Pike River Coal lost 3c to 76.

Contact Energy lost 20c, or 3.28 per cent, to 590, Freightways Group was down 8c to 279 and AMP was down 13c to 539.

Infratil was down 3c to 148 and Auckland Airport lost 3c to 170.

Rises included Hellaby Holdings, up 3c to 47, ANZ Banking Group was up 95c, or 5.44 per cent, to $18.40 and Hallenstein Glasson Holdings was up 9c to 226.

In Australia shares jumped 2.1 per cent today, lifted by the top miners and the banks, on hopes the United States government's plan to cleanse banks of up to $1 trillion ($1.8 trillion) in toxic assets would get credit flowing again.

The benchmark S&P/ASX 200 index added 72.3 points to 3,538.1 by 0423 GMT, after rising 3.6 per cent last week.

Japan's Nikkei average also climbed more than 3 per cent to a six-week high, with banks including top lender MUFG jumping on hopes for US plans to further help a strained financial system, while a weaker yen helped exporters.

The benchmark Nikkei was up 3.1 per cent or 248.86 at 8,194,82, having risen to its highest point since Feb. 9.

- NZPA