Ups and Downs Kept NZ Sharemarket Flat

Ups and Downs Kept NZ Sharemarket FlatThe NZX-50 index of New Zealand share market jumped by 4.288 points to close at 2398.109.

Concerns about the weakness of European banks and the Chinese and United States economies had triggered the slipping of the index for the sixth consecutive session making it to lose 38.3 points yesterday.

Ben Potter, market strategist at IG Markets said, "It looks like investors are taking money off the table ahead of a crucial non-farm payrolls number this evening and Monday's Independence Day holiday in the US."

Shares of Telecom jumped 1c to 184; Fletcher Building dropped 9c to 766 while Contact's shares rose by 4c to 573.

Shares of the SkyCity up by 5c to 288, The Warehouse ones jumped 4c to 340 and Nuplex 7c to 284. Auckland Airport had shown increase of 1c to 187.

News of the joining of Brent Impey as an independent director Pumpkin Patch has pushed the shares of the company by 1c to 187.

Shares of Port of Tauranga slipped 4c to $6.60, NZ Oil & Gas dropped by 3c to $1.21, and Air New Zealand dipped 2c to $1.03 while NZ Refining Co gained 5c to $2.95.

The Dow Jones industrial average slipped by 0.4 per cent to 9732.53, the Standard & Poor's 500 Index lost 0.3 per cent to 1027.38, and the Nasdaq Composite Index dropped by 0.4 per cent to 2101.36.

Revised expected sales growth of 4.5 percent has been quoted by Postie Plus.