The New Zealand sharemarket was little changed today but the price of Pike River Coal shareholder New Zealand Oil & Gas (NZOG) rose 5.62 per cent as investors judged it had been oversold.
Asian markets were mostly higher following a rise on Wall Street on Wednesday but IG Markets described
investor sentiment as skittish and fickle.
The benchmark NZX-50 index closed down 4.549 points, or 0.139 per cent, at 3264.666, after opening up by a similar amount. There were 38 rises and 33 falls among the 110 stocks traded. Turnover was worth $82.6 million.
Shares in NZOG closed 5c higher at 94 but traded as low as 87 today and Pike River shares remain suspended. Yesterday a second explosion at Pike River's mine ended hope for 29 lost men. NZOG shares had fallen 33c on Tuesday after a trading halt was lifted following the first blast at the West Coast mine on Friday. NZOG owns 29.4 per cent of Pike River's shares and is also a debt holder.
Broker reports are presenting a range of views to investors and say that valuation of Pike River is difficult but they note that NZOG's share price had already fallen from around $1.35 in mid-October on uncertainty about funding for Pike River. One report said that a fall below 95c for NZOG shares was an over reaction as the exposure to Pike River amounted to 39c a share.
Fletcher Building rose 4c to 810, Contact Energy fell 1c to 587 and Telecom fell 4c to 215.
Fisher & Paykel Healthcare eased 6c to 289 and Cavalier Carpets fell 4c to 306. Nuplex fell 1c to 324. Fisher & Paykel Appliances eased 1c to 60.
Vector rose 1c to 246. Sanford rose 5c to 470 after reporting earnings yesterday.
Ebos rose 15c to 740. Goodman Fielder eased 2c to 175 on a day it held its annual shareholder meeting in Auckland. Xero rose 10c to 210.
Air NZ, which reported operating statistics today, rose 1c to 133. Tower rose 2c to 191 ahead of its result tomorrow.
AMP rose 5c to 647 and ANZ rose 25c to 2900. Westpac rose 10c to 2760.
In the US, stock investors put aside worries about global problems, turning to improvement in the labour market and signs consumers are ready to open their wallets ahead of the biggest shopping day of the year, which traditionally kicks off on Black Friday, the day after Thursday's Thanksgiving holiday.
The Dow Jones industrial average shot up 1.4 per cent to end unofficially at 11,187.28, the Standard & Poor's 500 Index gained 1.5 per cent to finish unofficially at 1198.35, and the Nasdaq Composite Index climbed 1.9 per cent to 2543.12.
- NZPA
File photo
The New Zealand sharemarket was little changed today but the price of Pike River Coal shareholder New Zealand Oil & Gas (NZOG) rose 5.62 per cent as investors judged it had been oversold.
Asian markets were mostly higher following a rise on Wall Street on Wednesday but IG Markets described
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