(RTTNews) - New Zealand share market opened marginally lower on Tuesday in line with Wall Street, where U.S. stocks closed in the red overnight on some disappointing corporate news after an initial upward move in the day’s early trading.

The benchmark NZX 50 index was down 15.25 points or 0.54% to 2,822.59shortly after the market opened for the day, while the broader NZX All Capital Index lost 8.63 points or 0.30% to 2,847.57.

The market had closed higher on Monday following a decisive win for the opposition National Party in Saturday’s general election. Also, Wall Street’s rebound on Friday, a Chinese economic stimulus package, and firmer Asian markets boosted investor sentiment.

The benchmark NZX 50 index closed up 46.2 points, or 1.7%, at 2,837.8, ending a two-session losing streak, and the broader NZX All Capital index rose 39.0 points or 1.4% to close at 2,856.2.

Overseas, the U.S. stocks ended Monday’s session notably lower after showing a strong upward move at the start of trading.

The initial strength came as investors reacted to strong performances in the Asia-Pacific markets, combined with some positive corporate news from AIG (AIG) and McDonald’s (MCD). Unfortunately, negative news from General Motors (GM) and Circuit City (CC) helped to drag the broader markets lower.

Crude oil closed higher on Monday after giving back a lot of an early rally. Light sweet crude for December delivery closed at $62.41, up $1.37 on the New York Mercantile Exchange. Oil reached as high as $65.56 in electronic trading on expectations the Chinese bailout plan may help energy demand.

On the currency front, the New Zealand dollar fell against the greenback overnight and was buying US58.33c by 8am on Tuesday, down from US59.67c at 5pm on Monday.

On Tuesday’s economic data schedule, Statistics NZ provides its report on producer prices for the third quarter of 2008 at 21:45 GMT. The data for Q2 showed a 5.6 percent increase in input prices and a 3.5 percent increase in output prices, compared to the quarter before.

In the early trading on the New Zealand stock market on Friday, the country’s top ranked share Telecom plunged 1.24%, while the second ranked Contact Energy fell 0.81%. Fletcher Building, the third best stock, remained unchanged.

In the retail sector Hallenstein Glasson gained 0.86%, while jewelry retailer Michael Hill International fell 1.52%. Pumpkin Patch dropped 1.01%, as the Warehouse inched up 0.26%.

In the energy sector Vector declined 0.50%, while TrustPower remained in the early trading on Friday.

Among the dual listed issues AMP, Australia and NZ Banking Corp, APN News & Media, Lion Nathan, Telstra and Westpac Bank remained unchanged.

Among other notable stocks, Nuplex, Methven, Mainfreight, Steel & Tube Holdings, Sky Network Television, Sky City, Fisher & Paykel Appliances and Fisher & Paykel Healthcare remained unchanged, as Infratil, dropped 1.08%.

The only gainers among the stocks listed under the NZX 50 index on Friday morning were the two retail companies, Hallenstein Glasson and the Warehouse.

Among the major losers in the early trading were - Guinness Peat Group by 0.96%, ING Property Trust by 1.61%, New Zealand Oil & Gas by 0.78%, New Zealand Refining Company by 1.52%, PGG Wrightson by 0.63%, Port of Tauranga by 1.01% and Pike River Coal by 0.88%.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved

Posted in Categories: Australia, New Zealand, Releases, Stocks, USA.

Subscribe by RSS Subscribe by Email