KEY POINTS:
The New Zealand share market slipped lower in the morning but managed a modest run higher ahead of the close.
The benchmark NZX-50 index closed up 11.661 points, or 0.433 per cent, at 2707.591.
Brokers said trading was light. Overall, turnover was worth $74.26 million. There were 39 rises and 44 falls.
Fletcher Building was among the best performing leaders, rising 8c to 615 and Contact Energy rose 27c to 720.
Telecom had more of a struggle and managed to end down 1c at 234.
"It was a pretty quiet day. Australia was negative but turned positive," Grant Williamson, director at Hamilton, Hindin, Greene, said prior to the New Zealand close.
The rise in the New Zealand dollar above US59c was noted but it didn't knock all exporters. Fisher & Paykel Healthcare being a case in point, ending unchanged at 297. The appliance stock rose 1c to 128.
PGG Wrightson shares fell 23c to 130 after its offshoot NZ Farming Systems Uruguay issued an earnings downgrade that surprised investors. NZ Farming Systems Uruguay was down 15c, or 20 per cent, to 60.
NZ Oil and Gas, which announced yesterday it was buying a strategic stake in Pan Pacific Petroleum, rose 1c to 133.
Air New Zealand rose 5c to 91 on a day it publicly called for a cut in charges at New Zealand airports.
Hallenstein Glasson eased a cent to 227 as it held its annual meeting and told shareholders the next two weeks of trading will be key.
The Warehouse rose 13c to 358 but Michael Hill eased 4c to 58. NZ Refining eased 10c to 585 and AMP eased 24 to 616.
Mainfreight rose 7c to 449. Vector rose 6c to 209. Lion Nathan eased 24c to 959.
US stocks fell on Wednesday as the government's effort to stave off a deep economic recession raised worries about mounting public debts and blunted optimism following the Fed's rate cut.
The Dow Jones industrial average was down 104.02 points, or 1.17 per cent, at 8820.12.
The Standard & Poor's 500 index was 3.94 points lower, or by 0.43 per cent, to 909.24, and the Nasdaq composite index had fallen 10.58 points, or 0.67 per cent, to 1579.31.
- NZPA
