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The New Zealand sharemarket had a mixed but generally positive session as sentiment about the global financial situation waxed and waned.
A takeover bid for Steel & Tube from its 50.27 per cent owner OneSteel boosted its share price 26.67 per cent to 380, which is just below the 400 bid price.
The benchmark NZSX-50 index gave up early gains to close up 0.954 points, or 0.03 per cent, at 3188.538. There were 32 rises and 45 falls and turnover was worth just $62 million.
The market got off to a positive start after lawmakers in the United States closed in on a US$700 billion ($1.03 trillion) rescue of the ailing financial industry.
But the strength of the European banking industry is also worrying investors as nationalisations of financial institutions became needed in more than one country in that part of the world.
"We weakened this afternoon on a weak Australian market," said Grant Williamson, partner at Hamilton Hindin Greene.
He said there was still detail lacking on the US bailout so its progress was still being watched.
"The markets seem to be treading water until we get some firm direction from that package," he said.
Hallenstein Glasson was unchanged at 287 after reporting a 25.5 per cent fall in annual profit, which was slightly ahead of guidance.
Telecom rose 5c to 278, after losing 6c on Friday.
Fletcher Building slipped a 30c to 691 on top of its 14c Friday loss. Contact Energy was down 12c to 829.
PGG Wrightson eased 9c to 174 after unwinding a planned related party transaction.
Medical supplies company Ebos rose 18c to 458 on small volume. Pike River Coal rose 10c to 162.
In the US, congressional leaders and the White House agreed to a US$700b rescue of the ailing financial industry after lawmakers insisted on sharing spending controls with the Bush administration.
Treasury Secretary Henry Paulson predicted the deal would come to a vote in the House of Representatives on Monday (local time). Final congressional action might not come until Wednesday.
On Friday, the Dow Jones industrial average was up 1.10 per cent at 11,143.13. The Standard & Poor's 500 Index was up 0.34 per cent at 1213.27, but the Nasdaq Composite Index was down 0.15 per cent at 2183.34.
- NZPA
