NZ Sharemarket: NZX firm as Greek crisis sparks global wobble

The New Zealand sharemarket posted another modest gain yesterday to end a week in which global markets wobbled with composure.

The benchmark NZX-50 index closed up 3.86 points, or 0.12 per cent, at 3286.13, having edged up 1.7 points on Thursday. Turnover was worth $90.77 million. There were 50 rises and 30 falls among the 111 stocks traded.

A string of robust earnings reports in the United States is eclipsing worries about contagion from the financial crisis in Greece.

Buyers were also cautious ahead of the release of the Henry Tax Review in Australia on Sunday. Among the issues of importance to New Zealand are what corporate tax rate is recommended in Australia.

Telecom eased 2c to $2.17 and attention is turning to its third-quarter result next Friday.

Contact was unchanged at $6.25 and Fletcher rose 6c to $8.41.

NZOG rose 1c to $1.55, Steel & Tube rose 2c to $2.63 and Pike River Coal fell 3c to $1.12. PGG Wrightson fell 3c to $0.53.

NZX fell 5c to $1.80, TrustPower fell 5c to $7.40 and SkyCity fell 2c to $3.16.

Hallenstein Glasson rose 1c to $3.54 and The Warehouse eased 1c to $3.77.

APN News was unchanged at $3.10 as directors were re-elected at its annual meeting in Sydney.

Cavalier rose 2c to $2.82 and ING Medical Property Trust rose 2c to $1.22. Nuplex fell 1c to $3.37 and Port of Tauranga fell 5c to $7.00.

Comvita rose 15c to $2.40 after saying this week it had experienced a significant improvement in earnings. Scott Tech rose 2c to $1.30 and Kathmandu rose 2c to $2.37.

In the US, news that Greece was readying severe austerity measures to secure a multibillion-euro aid package spurred widespread relief, and the more beaten-down sectors, such as banks, recouped recent losses for a second day running.

- NZPA