NZ stocks: Benchmark share index pushes to new high

12.40pm

The benchmark top 50 sharemarket index pushed to a fresh high today helped along by market bully Telecom.

Telecom rose 5c to 584 to add to yesterday's 1c gain.

The NZSX-50 index stretched to a new high of 2678.29, up 8.66 points by 11.35am. The NZSX-All capital index was up 4.17 points at 900.44.

The local market was buoyed by Wall Street which rose on a robust consumer confidence report and despite the well-flagged expectation of the Fed hiking interest rates tomorrow.

Telecom, as usual, dominated the local market turnover, with $10.7 million worth of its shares changing hands compared with the total market turnover of $27.2 million.

NGC jumped 7c to 283 -- its highest level since October 1997. NGC is rumoured to be part of an industry reorganisation which is likely to see Australian Gas Light sell its two thirds holding to other players such as PowerCo or Vector, while AGL buys control of Contact Energy. Contact eased 1c to 582 after an 11c jump yesterday.

Oceana Gold fell 10c to 81 following a sharp fall in the price of gold. AMP fell 4c to 696 after yesterday rising above $7 for the first time in 14 months.

Fisher & Paykel Healthcare rose 5c to 1315, while Ebos rose 5c to 380.

Australian banks listed here went in opposite directions -- ANZ fell 5c to 1985 and Westpac NZ rose 4c to 1850.

Fletcher Building gained 3c to 460 despite statistics yesterday showing construction trends slowing.

Pyne Gould Corp rose 7c to 575 while Pyne Gould Guinness rose 5c to 180.

There were 36 rises and 22 falls among the 116 stocks traded.

- NZPA