RTTNews - Stocks on the New Zealand and Australia exchanges are expected to show strength at Wednesday's open, following a strong performance overnight on Wall Street. Positive earnings reports helped boost Wall Street, following Monday's steep losses.
New Zealand's market closed lower on Tuesday.
The benchmark NZX-50 index declined 14.5 points or 0.47 percent to 3,071.6.
The NZ Stock Exchange reported trading volume of 43.8 million shares valued at NZ$108.7 million.
Declining issues outnumbered advancers 72 to 13 with 24 unchanged.
Among the stocks of interest, NZ Refining was down NZ$0.40 after reporting interim earnings and suspending its dividend.
The list of the session's most heavily traded stocks includes Auckland International Airport, which was down NZ$0.01, AMP New Zealand Office Trust was down .01, Fletcher Building was up .16, Fisher & Paykel Appliances was down a penny, Goodman Property Trust was unchanged, Kiwi Income Properties was down a penny, SkyCity Entertainment was down two cents and Telecom Corp of NZ was down three cents.
Among the Australia-NZ dual-listed stocks, Telstra was up .04, Westpac Bank was down .14, AMP was down .06 and Australia and NZ Bank was up .12.
In Australia, the market moved modestly lower, but recovered after a sharply lower open.
The benchmark S&P/ASX200 index declined 6.8 points or 0.2 percent to finish at 4,381.6 while the broader All Ordinaries index was down 12.2 points or 0.3 percent at 4,385.9.
Trading volume was 2.29 billion shares valued at A$4.9 billion.
Declining issues outnumbered advancers 748 to 361 with 294 unchanged.
The session got a bit of positive momentum by a number of better than expected earnings reports.
James Hardie shares jumped A$1.29 or more than 22 percent after reporting higher quarterly pre-tax profits.
OneSteel shares rose .12 or 4 percent after posting a higher-than-forecast profit for the fiscal year.
United Group was up .40 after showing an 8.7 percent jump in earnings compared to the year before.
The big banks were mixed, with National Australia Bank down a penny after saying it would acquire Challenger Financial Services Group's mortgage management business along with about A$4 billion in residential mortgages from Challenger.
Australia and NZ Bank was up .12, Commonwealth Bank of Australia was unchanged and Westpac Bank was down .14. Macquarie Group was down .89.
In the resources sector, global mining leader BHP Billiton advanced .13, rival Rio Tinto was down .20, Fortescue Metals was down .18 and OZ Minerals was unchanged.
Among the retailers, Woolworths was down a penny, Wesfarmers gained .35, David Jones was down .04 and JB Hi-Fi was down .39.
As was the case in Australia, stocks in the U.S. responded positively to a round of better than expected earnings reports, especially those in the retail sector. About 40 minutes before Tuesday's closing bell on Wall Street, the Dow Jones Industrial Average was up 97.11 points or 1.06 percent at 9,232.45, the Nasdaq Composite index was up 26.98 points or 1.40 percent at 1,957.82 and the Standard & Poor's 500 index was ahead by 11.26 points or 1.15 percent at 990.99.
Markets in the Asia/Pacific region finished mixed on Tuesday.
In Japan, the Nikkei 225 Average was up 16.35 points or 0.16 percent to close at 10,284.96.
Hong Kong's Hang Seng index was up 169.20 points or 0.84 percent at 20,306.27.
The Shanghai Composite Index in China was up 40.25 points or 1.40 percent at 2,910.88.
In Indonesia, the Jakarta Composite index was down 49.88 points or 2.0 percent at 2,336.99.
India's BSE 30 index was up 250.34 points or 1.69 percent at 15,035.26.
South Korea's KOSPI/Seoul Composite index was up 3.18 points or 0.21 percent at 1,550.24.
The Taiwan Weighted Index was down 142.03 points or 2.05 percent at 6,789.77.
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