The sharemarket regained some of the ground lost yesterday after rises in offshore markets, but failed to capitalise on a selloff in the kiwi after softer-than-expected inflation data today.
The benchmark NZX-50 index closed up 10.9 points, or 0.3 per cent, at 3293.11, but was about 10 points off its
session high. The index fell 29 points yesterday after markets saw fraud charges against Goldman Sachs and disappointing earnings reports in the United States as a reason to sell off shares.
Chemicals company Nuplex rebounded 10c to 322 after an aggressive selloff yesterday. The Securities Commission has announced it is filing civil proceedings for non-compliance with continuous disclosure requirements. The company is defending the charges.
The market was looking past the "non-material" event and focusing on the company's fundamental position, said Grant Williamson of Hamilton Hindin Greene.
However, market leader Telecom was down 2c at 215 as it remained under pressure following a recent profit downgrade.
"Still some serious concerns there and the shares really fluctuating very close to their all-time lows," Mr Williamson said.
A smaller-than-expected 0.4 per cent quarterly rise in the consumers price index took the bounce out of the kiwi this morning, which had risen in expectation of data which would make a June interest rate rise more likely from the Reserve Bank of NZ.
Market reaction was muted, but stocks to benefit from a weaker currency included F&P Healthcare, up a cent at 342, Fletcher Building, up 7c at 849, and seafood exporter Sanford, up 5c at 445.
Air New Zealand, which said disruption from ash spewing from an Iceland volcano was costing it $500,000 a day, rose a cent to 138.
Auckland Airport rose 3c to 203, Mainfreight was up 7c at 660, Guinness Peat Group gained 2c to 91, and Tower was up 3c at 203.
Pike River Coal rose 2c to 110 ahead of a trading halt pending a capital raising.
Australia's S&P/ASX 200 index was up 0.3 per cent, while Japan's Nikkei share average was down 0.06 per cent.
Earlier in the United States, stocks rose as investors reassessed the potential damage of the fraud case against Goldman Sachs and earnings optimism grew.
Investors said the furore over Goldman started to die down during trading, allowing people to refocus on coming earnings.
- NZPA
Market steady after inflation data
The sharemarket regained some of the ground lost yesterday after rises in offshore markets, but failed to capitalise on a selloff in the kiwi after softer-than-expected inflation data today.
The benchmark NZX-50 index closed up 10.9 points, or 0.3 per cent, at 3293.11, but was about 10 points off its
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