RTTNews - Stronger opens are expected Tuesday for the New Zealand and Australia markets, following Wall Street's sharp rebound overnight. U.S. stocks were led higher by the financial sector.

New Zealand's sharemarket closed lower in quiet trading on Monday, with traders taking some solace that the market's losses were minor compared with others in Asia..

The benchmark NZX-50 index declined 1.4 points or 0.05 percent at 2,736.9.

Trading volume was reported by the NZ Stock Exchange at 21.5 million shares valued at NZ$79.1 million.
Declining issues outpaced advancers 33 to 27 with 39 unchanged.

Among the session's most heavily traded issues, Auckland International Airport was down NZ$0.02, Fletcher Building was up a penny, Fisher & Paykel Healthcare was down .03, Michael Hill International was unchanged, Sky Network TV was Up .04 and Telecom Corp of NZ was down a penny.

For the Australia-NZ dual-listed stocks, Westpac Bank was down .24, Telstra declined .04, Lion Nathan was down a penny, Goodman was down .04, AMP was down .10, APN News & Media was unchanged and Australia and NZ Banking Group declined .28.

In Australia, weak commodities prices helped push the broad market lower.

The benchmark S&P/ASX200 Average closed down 56.6 points or 1.49 percent at 3,737.5 while the broader All Ordinaries Index declined 52.6 points or 1.39 percent to 3,738.0.

Turnover was 1.29 billion shares valued at A$3.08 billion.

Decliners outnumbered advancers 573 to 329 with 305 unchanged.

The mining leaders were lower, with BHP Billiton down A$0.45 while rival Rio Tinto was down $1.73. Among the others, Fortescue Metals gained .09 and OZ Minerals was down .02.

For the gold miners, Newcrest Mining was down .36, Newmont Mining gained one cent and Lihir Gold dropped a nickel.

The major banks were also lower, with Australia and NZ Banking Group down .28, Commonwealth Bank of Australia down .73, National Australia was down .44 and Westpac fell .24.

In the retail sector, Woolworths was down .17, Wesfarmers fell .30, Harvey Norman was up .03 and David Jones shed .04.

In overseas trading, Wall Street rebounded on Monday, after an analyst's upgrade for Goldman Sachs sent the financial sector higher.

With about 20 minutes left before the end of trading, the Dow Jones Industrial Average was up 141.10 points or 1.73 percent at 8,287.62, the Nasdaq Composite index was higher by 28.09 points or 1.60 percent and the Standard & Poor's 500 was p 16.80 points or 1.91 percent at 895.93.

Markets in the Asia/Pacific region closed broadly lower on Monday.

In Japan, the Nikkei 225 Average dropped 236.95 points or 2.55 percent to finish at 9,050.33.

Hong Kong's Hang Seng index fell 453.79 points or 2.56 percent to 17,254.63.

The Shanghai Composite Index in China declined 33.38 points or 1.07 percent to 3,080.56.

The BSE 30 index in India was down 103.90 points or 0.77 percent at 13,400.32.

Indonesia's Jakarta Composite index dropped 42.96 points or 2.08 percent to 2,020.14.

In South Korea, the KOSPI/Seoul Composite index was down 50.50 points or 3.53 percent at 1,378.12.

The Taiwan Weighted Index declined 239.04 points or 3.53 percent to 6,530.82.

For comments and feedback: contact editorial@rttnews.com