KEY POINTS:
The sharemarket took its lead today from a good weekend on international markets, while Tower continued to enjoy a lift following a partial takeover move on Friday.
The NZSX-50 benchmark index closed up 19.18 points or 0.52 per cent to 3680.519. Total turnover was a moderate $96 million
with 63 stocks rising and 38 falls.
James Porteous of ABN Amro Craigs said it was a pretty standard Monday.
"Pretty quiet. Overseas markets were in good order over the weekend and Asian markets have opened well and strongly as well. It's very much business as usual."
Tower shares jumped 15 cents during the day's trading to close on 223, following Guinness Peat Group's move for a partial takeover on Friday.
GPG offered $2.30 per share for 15.3 per cent of the financial services company and insurer to take its stake to 35 per cent.
Meanwhile, Contact, which has been receiving a lot of attention over a takeover proposal for its Australian parent company Origin Energy from UK-based utility BG Group, closed down 12c on 944.
The growing feeling is that BG Group will not want Contact and Mr Porteous said BG Group was expected to concentrate on gas production businesses in Australia.
He said Origin shares had been trading below the trade offer.
"Either of two things are happening; people don't believe it will happen and therefore they are selling the share at a slight discount or ... people believe the offer is so good, no one else would come in. And that is the prevailing view at this stage."
Top stock Telecom closed 7c up to 397; Fletcher Building was up 9c to 885, and Sky TV continued its good upward streak up 2c to 464.
The Warehouse, which is awaiting a Court of Appeal decision on whether Woolworths and Foodstuffs can bid for it, was up 5c to 580.
Air NZ rose 3c to 131 and Fisher & Paykel Appliances jumped 10c to 263.
Dunedin-based technology company Scott Technology closed 7c up at 130 after Friday's news it had won an order worth several million dollars to supply a manufacturing line in Brazil.
Wall St made modest gains on Friday after jobs data that offered fresh evidence the economic slowdown was not as severe as feared.
The US government's stronger-than-expected April payrolls report helped oil stocks rebound sharply by easing fears about weaker US demand for energy.
However technology shares faded on a surprise loss from Sun Microsystems Inc.
The Dow Jones industrial average was up 48.20 points, or 0.37 per cent, at 13,058.20. The Standard & Poor's 500 Index was up 4.56 points, or 0.32 per cent, at 1,413.90. The Nasdaq Composite Index was down 3.72 points, or 0.15 per cent, at 2,476.99.
- NZPA
