KEY POINTS:
The New Zealand share market opened higher today and thin holiday trading is predicted for the next three days.
The benchmark NZX-50 index rose 3.54 points to 4022.74. It had retreated from a record breaking run in a half-day session last Friday.
Retailers are a focus at the moment as shoppers flock to Boxing Day sales. The Warehouse remains a particular focus after supermarket co-operative Foodstuffs said just before Christmas that it was applying for Commerce Commission clearance to take over the company founded by Stephen Tindall. The Warehouse was up 2c at 720 this morning. Michael Hill was up 2c at 683.
Exporters will find it hard going after the New Zealand dollar rose above US70c during the Christmas break. The higher currency reduces the earnings that exporters repatriate.
Fisher & Paykel Appliances eased 3c to 392 but the healthcare stock rose 5c to 430.
Telecom was up 4c at 485 and Fletcher Building was initially unchanged at 1100. Contact was up 2c at 820.
Air NZ eased a cent to 185.
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In the US markets there were reports of sluggish US holiday sales. US retailers can only record revenue from gift cards when the cards are redeemed, so part of Christmas sales may be logged after the holiday.
But volume was light even in the biggest equities markets in the world.
The Dow Jones industrial average was up 51.91 points, or 0.42 per cent, at 12,395.13. The Standard & Poor's 500 Index was up 5.20 points, or 0.37 per cent, at 1415.96. The Nasdaq Composite Index was up 8.32 points, or 0.35 per cent, at 2409.50.
- NZPA
