RTTNews - Mixed opens are expected Thursday for the New Zealand and Australia sharemarkets, following Wall Street's modest rebound overnight. U.S. markets rebounded slightly after Tuesday's triple-digit losses, while oil prices continued their plunge.
New Zealand's market was the only one in the Asia/Pacific region to post a gain on Wednesday, thanks to heavy buying of Telecom Corp.
The benchmark NZX-50 index gained 4.4 points or 0.16 percent to close at 2,750.6.
The New Zealand Stock Exchange reported trading volume of 41.0 million shares carrying a cumulative value of NZ$119.9 million.
Declining stocks outnumbered advancers 64 to 27, with 31 unchanged.
The list of most heavily traded issues includes Auckland International Airport which was up NZ$0.01, AMP New Zealand Office Trust was down a penny, Fletcher Building was unchanged, Fisher & Paykel Appliances was down one cent, Kiwi Income Properties was down .02, SkyCity Entertainment was unchanged and Telecom Corp of NZ was up .10 or 3.7 percent.
Among the dual-listed stocks, Telstra was up four cents, Westpac Bank was up .02, AMP was down .06, Australia and NZ Banking Group was up .40, APN News & Media was down a nickel, Goodman was down one cent and Lion Nathan was unchanged.
In Australia, markets closed little changed despite the strong negative lead from Wall Street.
The benchmark S&P/ASX200 index was up one point or 0.03 percent at 3,767.9 while the broader All Ordinaries index was down 1.8 points or 0.05 percent at 3,766.0.
Trading volume hit 2.11 billion shares valued at A$4.88 billion.
Declining stocks outnumbered advancers 649 to 311 with 279 unchanged.
The major banks were stronger, with Australia and NZ Banking Group gaining .40, Commonwealth Bank of Australia was up .27, national Australia Bank gained .42 and Westpac Bank added two cents.
In the resources sector, mining giant BHP Billiton was down .11 while rival Rio Tinto was up .86. Among the junior miners, Fortescue Metals rose .09 and OZ Minerals was up .04.
The gold stocks were mixed, with Newcrest Mining down .58, Newmont Mining was up .02 and Lihir Gold shed three cents.
In the retail sector, Woolworths was up .18, Wesfarmers declined .23, Harvey Norman was down .06, David Jones fell .13 and JB Hi-Fi was down .14.
Among the telecoms, heavy trading continued in Telstra, which gained .04 on volume of 51 million shares. Rival Singapore Telecommunications was up .07.
Overseas, Wall Street rebounded modestly after moving lower in early trading. The dollar gained strength, while crude oil and gold prices plummeted.
At the closing bell, the Dow Jones Industrial Average was up 14.81 points or 0.18 percent at 8,178.41, the Nasdaq Composite index was up 1 point or 0.06 percent at 1,747.17, and the Standard & Poor's 500 Index was down 1.47 points or 0.17 percent at 879.56.
With the exception of New Zealand's and Australia's, all of the major markets trading in the Asia/Pacific region Wednesday closed lower.
The Nikkei 225 Average in Japan fell 227.04 points or 2.35 percent to 9,420.75.
Hong Kong's Hang Seng index was down 141.20 points or 0.79 percent at 17,721.07.
In China, the Shanghai Composite index was down 8.68 points or 0.28 percent at 3,080.77.
The BSE 30 index in India fell 401.30 points or 2.83 percent to 13,769.16.
The KOSPI/Seoul Composite index fell 3.18 points or 0.22 percent to 1,321.02.
The Taiwan Weighted Index was down 47.08 points or 0.70 percent at 6,668.14.
Indonesia's Jakarta Composite was closed for national elections.
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