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Home / Business / Companies

<EM>NZ stocks</EM>: Index close to new high

29 Jun, 2005 06:29 AM3 mins to read

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Another bumper day of trade saw the sharemarket's index of top-50 stocks come tantalisingly close to its all-time high thanks to a string of in-play stocks driving it higher.

At 5pm, the benchmark NZSX-50 index was up 21.61 points at 3212.80, just 32.6 points off its all-time high of 3245.42,
set in March.

The NZSX-All capital index was up 5.88 points at 1005.71.

Turnover was $150.9 million, with 64 rises and 23 falls among the 146 stocks traded. Telecom closed up 3c at 601 on turnover of $40.3m.

Hamilton Hindin Greene broker James Smalley said the market had turned in a solid performance and was camped out just under its all-time highs.

Beleaguered carpetmaker Feltex gained 3c to 64 in late trade, above the 58c a share stand for 10 per cent by Australian rival Godfrey Hirst Carpets (GHC).

GHC holds 5.78 per cent of Feltex and wants to use its stake to force a marriage, or possibly a reverse takeover.

A late buying spree by way of Macquarie Equities had pushed the shares higher just before the market's 5pm float.

"The key here is to get a 10 per cent blocking stake (in Feltex)," Mr Smalley said, adding such a holding would likely ward off other suitors. It was unclear who Macquarie was buying for.

Investment firm Hellaby Holdings, down 2c at 575, further entrenched its position in the footwear retailing sector with the purchase of discount chain Number 1 Shoe Warehouse for $22m.

Hellaby, owner of the Hannahs and Hush Puppy chains, would buy 80 per cent of Number 1 in July and the rest in August 2007.

Rural service firm Allied Farmer, unmoved at 275c, issued a profit warning, saying its 2005 result would be 10 per cent below last year's.

Wood products firm Carter Holt Harvey was unmoved at 229c on turnover of $37.2m after its majority shareholder, International Paper, indicated it was looking to exit its 50.5 per cent stake.

The Warehouse stacked on 20c to 388, still on news it was in talks with Australian rival Millers, possibly to merge and sell off their Australian discount retail chains.

Meanwhile, the bidding to control of Oyster Bay's vineyard assets is heating up. Peter Yealands Investments today upped its partial offer to 325c a share, from 310c.

That trumps a rival bid by Oyster Bay's majority shareholder, Delegat's Wine Estate, for 320c.

AMP NZ Office Trust rose a cent to 93 after revealing an $82m gain in its annual portfolio revaluation.

NGC shares were up 2c at 370, ahead of Vector's offer of 340c -- in cash and scrip -- to fully take it over. Vector, which has 67.2 per cent of NGC, would then float quarter of its shares to raise $593m.

Other shares on the move included: Contact Energy down 10c at 770, Fletcher Building down 1c at 668, Hallenstein Glassons up 20c at 405, Nuplex up 6c at 432, Sky City up 14c at 440, and TrustPower up 10c at 592.

- NZPA

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