RTTNews - New Zealand's stock market opened marginally higher on Monday. The day's higher open came after markets across the Asia-pacific region snapped the losing trend and ended in positive territory on Friday.
The benchmark NZX 50 index was up 1.93 points or 0.07% to 2,786.21 shortly after the market opened for the day, while the broader NZX All Capital index added 1.28 points or 0.05% to 2,844.82.
Though the markets across the Asia-pacific ended in positive territory on Friday, the New Zealand market closed the day's session moderately lower. The benchmark NZX-50 index closed down 13.96 points, or 0.49%, at 2784.273. Turnover was worth $141 million, with 39 rises and 45 falls among the 103 shares traded.
Overseas, U.S. stocks finished Friday's session on a mixed note despite a strong start to the session. The day's trading was slowed by below average volume, which prompted largely limited movement in the equity markets. The major averages finished on opposite sides of the unchanged mark, with the Nasdaq and the S&P 500 showing moderate gains while the Dow slipped by a mild margin.
Some investors stayed on the sidelines amid a lull in economic data on the day, while looking forward to a slew of economic figures due out next week.
The major U.S. averages ended the session on a lackluster note. While the Dow closed down 15.87 points or 0.2 percent at 8,539.73, the Nasdaq closed up 19.75 points or 1.1 percent at 1,827.47 and the S&P 500 closed up 2.83 points or 0.3 percent at 921.20.
Crude oil prices had closed below $70 on Friday on the New York Mercantile Exchange amid concerns that supplies will outweigh demand. The decline erased the modest gains of the last two sessions. Light sweet crude for July delivery settled at $69.55 per barrel, down $1.82, its lowest close since June 8. The July contract expires on Monday.
On the currency front, the NZ dollar was buying US64.34c by 8am on Monday, after peaking early Saturday to around US64.80c. In comparison, the kiwi was buying US63.85c at 5pm on Friday.
In the early trading on the New Zealand stock market on Monday, market leader Telecom lost 0.38%, as second ranked Contact Energy eased 0.17% and Fletcher Building, the third best stock, collected 0.31%.
In the retail sector, Hallenstein Glasson, jewelry retailer Michael Hill International, Pumpkin Patch and Warehouse remained unchanged.
In the energy sector, Vector climbed 1.00%, as TrustPower collected 0.925 in the early trading on Monday.
Among the dual listed issues, AMP, APN News & Media, Lion Nathan, Telstra and Westpac Bank remained unchanged, as Australia and NZ Banking Corp gave up 0.72%.
Among other notable stocks, Infratil, Mainfreight, Nuplex, Sky City, Sky Network Television and Steel & Tube Holdings remained unchanged as Methven collected 1.43% and New Zealand Oil & Gas slipped 0.63%. Fisher & Paykel Appliances lost 1.49%, as Fisher & Paykel Healthcare declined 1.04%.
The gainers on Monday morning included--Auckland International Airport by 0.64%, Freightways by 0.70%, Guinness Peat Group by 1.45%, ING Property Trust by 1.69%, PGG Wrightson by 5.00%, Pike River Coal by 0.88%, Rakon by 0.66%, Sanford by 0.55% and Tower by 1.12%.
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