The Australian share market closed steady yesterday after regaining early losses as investors bought into stocks weakened by concerns about European sovereign debt and tensions on the Korean peninsula.

The New Zealand dollar slowly recovered yesterday after it fell to its lowest level against the greenback in nearly four weeks overnight after a shelling exchange on the Korean peninsula added to the US currency's appeal as a safe haven.

The New Zealand sharemarket rose yesterday when many other markets were weak and a large volume was traded in the shares of New Zealand Oil & Gas, the 29 per cent shareholder of Pike River Coal Ltd.

Hyatt Regency Auckland hotel - the single biggest loan book asset of South Canterbury Finance - has been sold for between $50m and $60m.

New Zealand Oil & Gas has shed as much as a third of its market value when the shares resumed trading this afternoon after being halted for the Pike River Coal mine explosion.

Pike River Coal says work on evaluating the impact on its West Coast mine of Friday's explosion is "down the line", as it focuses for now on finding the 29 men unaccounted for.

Ireland's travails may be short-lived, but the eurozone's future is not looking good.

Standard and Poor's has put NZ on notice of a possible downgrade to its credit rating unless it reduces its reliance on imported savings.

The Australian stock market closed higher on a day when trade was dominated by the public float of Queensland freight railways, QR National.

Trading in Pike River Coal shares was suspended and trading in the shares of its biggest shareholder New Zealand Oil & Gas (NZOG) was halted yesterday as the investment community extended their sympathies and also waited for news.

The New Zealand dollar fell one US cent in minutes when credit rating company Standard & Poor's changed the outlook on the country's long-term currency rating.