NZ stocks: End of second quarter boosts turnover

New trading hours and the end of the second financial quarter helped boost turnover on the New Zealand market today.

The benchmark NZSX 50 closed up 1.84 per cent, or 40.05 points, at 2212.52, while the top-40 index was up 1.62 per cent at 2142.27.

Market leader Telecom closed up 9c at 524 on turnover of $45.28 million, topping total market turnover of 57.55 million stocks valued at $171.44 million.

Gareth Stythe of JB Were said the New Zealand market had been surprisingly strong today given the weak performance of United States markets and the lower close on Friday.

"It could be a bit of end of month window dressing by institutions to get their positions set for the beginning of next month, bidding up the value of their shares a bit to report strong performances for the quarter," he said.

Notable performances came from Contact Energy, up 15c or 3 per cent at a record 505; Carter Holt Harvey, up 3 per cent or 6c at 179; Fisher & Paykel Appliances, up 14c at a fresh high of 1365; and F&P Healthcare, up 35c at 1235.

Mr Stythe said the change in NZX hours may have boosted turnover in the larger dual-listed stocks, although it was difficult to tell on just one day's trading.

The exchange is now open between 10am and 5pm, instead of the previous 9am to 4pm.

"Some trading may have been done in Australia after 4pm previously, but at least until 5pm it's being done here, so that may account for some of the increased turnover.

"For the rest of the market it probably doesn't have too much effect," Mr Stythe said.

Independent Newspapers Ltd (INL) closed up 3c at 428 after shareholders approved the $1.2 billion sale of its New Zealand publishing operations to John Fairfax Holdings Ltd.

INL's pay-TV asset Sky TV was down 4c at 435.

Tranz Rail rose 1c to 93 after announcing its finalised budget for the 2004 financial year was $48 million in earnings, before interest and tax.

Discount retailer The Warehouse closed up 8c at 518, despite Friday's news that the chief executive of its troubled Australian operation has been shunted sideways.

Shares in financial services company Tower were suspended today as the company considered an alternative capital raising proposal to the $200 million plan involving Guinness Peat Group.

Restaurant Brands, owner of the local Pizza Hutt brand, was down 3c at 138 after the arrival of Australian competitors Domino Pizza during the weekend.

Elsewhere on the market, Auckland International Airport was up 13c at a record 613, Fletcher Building rose 5c to 367, Guinness Peat Group gained 8c to 162, Sky City was up 19c at a high of 943, NZX rose 10c to 295, and Trustpower was up 30c at 486.

On the down side, Ports of Auckland lost 19c to 780, Baycorp Advantage was down 3c at 160, Port of Lyttelton lost 2c to 170, and NGC Holdings was down 4c at 157.

There were 75 rises and 35 falls on the 136 stocks traded.

On Wall St on Friday the Dow Jones industrial average fell 89.99 points to 8989.05; the Standard & Poor's 500 Index ended down 9.60 points at 976.22; and the Nasdaq Composite Index lost 8.75 points to 1625.26.

- NZPA