The sharemarket made moderate gains today as investors returned to stocks with healthy cashflow and solid businesses, and on the back of a late rebound on Wall Street.
The benchmark NZSX-50 index closed up 0.56 per cent, or 15.2 points, at 2776.71, after yesterday closing down 13.2 points.
Turnover remained light at $60.3 million.
"There's certainly a better feel to the market, and we're seeing sentiment improve in the last few days helped by offshore markets," said First NZ Capital director Philip Hunter.
"The focus from investors has been on companies with strong cashflow and defensive business models and the like."
US stocks ended higher as a rebound in oil prices and other commodities lifted energy and mining shares, offsetting nervousness over the fate of Washington's bailout for carmakers.
Fletcher Building's performance was a highlight, rising more than 3 per cent, or 18c, to 583.
"I think that's probably just a reflection of having been oversold somewhat in the last couple of weeks," Mr Hunter said.
Sky TV and Contact Energy also rebounded, up 5c to 396 and 2c to 687 respectively. Sky TV had been at 321 early in the month.
Top stock Telecom was up 2c at 240, Auckland Airport rose 4c to 170, Fisher & Paykel Appliances was flat at 133, F&P Healthcare lost a cent to 305, and Sky City was flat at 294.
Among other gains, Rakon rose 7c to 142, Port of Tauranga was up 5c at 610, Freightways was up 4c at 303, and The Warehouse was up 4c at 331.
NZX investors were not terribly impressed at the exchange operator's $4 million windfall after deciding to accept an offer for its 22-per cent stake in the Bond Exchange of South Africa. Shares in NZX rose 3c to 550.
On the downside, Pike River Coal lost 2c to 95, Guinness Peat Group was down a cent at 97, and NZ Refining fell 5c to 595.
Dual-listed stocks were negative, with ANZ down 20c at 1700, Westpac off 10c at 1980, AMP down 20c at 610, and Lion Nathan 25c lower at 1030.
Australia's S&P/ASX 200 Index was down 1.8 per cent at 3574 late in New Zealand's trading day.
- NZPA
