KEY POINTS:
The New Zealand sharemarket managed to finish the last trading day before Christmas ahead.
The NZX-50 index closed on Wednesday up 6.314 points, or 0.237 per cent, at 2668.057, having opened slightly weaker.
Ross Cuthbert at ABN Amro Craigs said the market shrugged off a poor performance by Wall St mostly because Australia had a good day. Hellaby Holdings posted the biggest percentage gain on the day, rising 10c, or 8.3 per cent, to $1.30, but it was on light volume.
The investment company owns some key retailers but the interest in it didn't translate to retailers as Michael Hill and Hallenstein Glassons were unchanged at 56c and $2.19 respectively and The Warehouse was down 1c at $3.47. Tourism Holdings was up 5c to 69c and Air NZ rose 3c to 88c.
Among the leaders Telecom was up 1c at $2.26 and was ahead by more earlier.
Contact rose 11c to $7.02 and Trust Power was unchanged at $7.00. Port of Tauranga rose 1c to $6.32 on a day in which NZL said it had the right to start a container terminal on port land.
Fletcher Building eased 17c to $5.80, after falling 13c on Tuesday.
Cavalier eased 5c to $1.65 and SkyCity eased 2c to $3.02. NZOG eased 2c to $1.22.
US stocks fell in thin trading on Tuesday on a further deterioration in the housing market and worries about a poor shopping season.
Sales of homes fell again, and the US economy contracted in the third quarter, thanks to the biggest drop in consumer spending in 28 years. Retailers' stocks slipped after a survey showed stores had their lowest turnout in at least six years during the last weekend before Christmas, traditionally one of the busiest times of the year. Shares of department store operator Macy's fell more than 6 per cent.
The Dow Jones industrial average lost 100.28 points, or 1.18 per cent, to 8419.49. The Standard & Poor's 500 Index slid 8.47 points, or 0.97 per cent, to 863.16. The Nasdaq Composite Index shed 10.81 points, or 0.71 per cent, to 1521.54.
- NZPA
