RTTNews - Weak opens are expected Tuesday for the New Zealand and Australia sharemarkets. Stocks get a strong negative lead from Wall Street, where traders were in a selling mood on continued world economic recovery worries.
New Zealand stocks rose modestly on Monday.
The benchmark NZX-50 index advanced 10.6 points or 0.38 percent to 2,794.9.
The New Zealand Stock Exchange reported trading volume of 53 million shares valued at NZ$73.6 million.
There were 29 stocks closing higher, 34 were lower and 44 unchanged.
Among the session's most actively traded stocks, Auckland International Airport was down NZ$0.01, Fletcher Building was up .09, Fisher & Paykel Appliances was down a penny, Goodman Property Trust was unchanged, Guinness Peat was unchanged, Infratil was up a nickel, Kiwi Income Properties was unchanged, SkyCity Entertainment was unchanged, Telecom Corp of NZ was unchanged and Vector was up .03.
In Australia, traders pushed the market to a similarly small gain to open the week.
The benchmark S&P/ASX200 Average rose 18.6 points or 0.48 percent to 3,918.2 and the broader All Ordinaries index was up 16.4 points or 0.42 percent to 3,910.8.
Turnover totaled 2.09 billion shares valued at A$4.52 billion.
Declining issues outnumbered advancers 675 to 434 with 361 unchanged.
The big banks were stronger, after National Australia Bank announced the acquisition of Aviva Australia Holdings for A$285 million. NAB shares were up .39 or 1.8 percent. Among the others, Australia and NZ Banking Group was up .03, Commonwealth Bank of Australia was up .20 and Westpac advanced two cents.
In the mining sector, global leader BHP Billiton was up A$0.55 while rival Rio Tinto was down .72, Fortescue Metals was up .21 and OZ Minerals was flat.
Among the gold miners, Newcrest Mining was up .12, Newmont mining was down a penny and Lihir Gold declined .08.
In the media sector, APN News & Media was down .04 after completing a $99 million equity sale. News Corp was up .32 and Fairfax media was down .02.
For the retailers, Woolworths was up .02, Wesfarmers fell .07, Harvey Norman gained .12, JB Hi-Fi was up .33 and David Jones was up .12.
Overseas, economic recovery concerns pushed U.S. stocks broadly lower on Monday. About a half-hour before the close on Wall Street, the Dow Jones Industrial Average was down 155.15 points or 1.82 percent at 8,384.58, the Nasdaq Composite index was down 52.29 points or 2.86 percent at 1,775.18 and the Standard & Poor's 500 index was down 23.30 points or 2.53 percent at 897.47.
Markets in the Asia/Pacific region were mixed on Monday.
In Japan, the Nikkei 225 Average was up 40.01 points or 0.41 percent at 9,826.27.
China's Shanghai Composite index advanced 15.81 points or 0.55 percent to 2.896.30.
In Hong Kong, the Hang Seng index rose 138.62 points or 0.77 percent to 18,059.55.
The BSE 30 index in India was down 195.67 points or 1.35 percent to 14,326.22.
Indonesia's Jakarta Composite index declined 15.44 points or 0.78 percent to 1,975.03.
South Korea's KOSPI/Seoul Composite index was up 16.37 points or 1.18 percent to 1,399.71.
The Taiwan Weighted Index was up 110.06 points or 1.77 percent at 6,341.21.
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