MARKET COMMENT: NZX-50 Likely Flat; Focus On Results - HHG

2058 GMT [Dow Jones] The NZX-50 is likely to be relatively flat in the absence of cues from offshore markets, says Hamilton Hindin Greene broker Grant Williamson. Investors will continue to focus on company results, he says. Contact Energy (CEN.NZ) could see some interest after it reported a 29.4% on-year rise in 1H net profit to NZ$88 million. "It is a good result considering the weakness in the household electricity prices that we have experienced over the period," Williamson says. He notes that Sky City (SKC.NZ) could attract some investor interest with an auditor-general's report on its planned Auckland international convention center due. Telecom (TEL.NZ) could also attract some interest after the company and Vodafone Group PLC's (VOD.LN) local unit signed a non-binding memorandum of understanding to invest in the construction of a new submarine telecommunications cable. The NZX-50 ended 0.4% higher Monday at 4214.479. ([e-mail])

 
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