NZ stocks: Heavy Tower traffic dominates market

6.38pm

Heavy interest in both Tower and Fisher & Paykel Healthcare dominated the sharemarket today.

Tower fell 9c to 206, on turnover worth $90.8 million. The bulk of turnover was accounted for by the sale of a 9.5 per cent stake, or 40.5 million shares, by Eric Watson and Mark Hotchin's Hanover Group last night for $2 per share. ABN Amro Craigs broker Matt Willis said the group realised a healthy return by selling up.

The sale follows Tuesday's announcement Tower plans to spin-off its Australian wealth management business and list it on the Australian Stock Exchange.

While Tower headed south today, Fisher & Paykel Healthcare finished its stellar week on another high note, closing up 15c to 1480, after hitting an intraday high of 1500.

Mr Willis said Healthcare was increasingly being recognised as a versatile business by investors. The stock has gained 115c this week and traded at two and a half year highs after the company revealed its latest new products for the use in treatment of sleep apnea.

Yesterday the medical equipment supplier also announced a five-for-one share split, which will occur on October 1 and also extended its share buyback programme by six months.

The broader market also ended the week on a strong note, with the NZSX-50 gross index up 9.37 points to 2767.60 and the NZSX-All capital market up 2.37 points to 923.25.

Top stock Telcom rose 8c to 581. For the second time this week it ranked only second in terms of turnover, racking up trades worth $66.1 million. Total market turnover was worth a hefty $208.95 million. Movements were evenly split among the 148 stocks traded today, with 52 rises and 52 falls.

Contact Energy added to recent gains, up 5c to 587.

Tenon rose 2c to 209. The wood processor today confirmed it was to delist from the Australian Stock Exchange on October 1. The company is also delisting from the New York Stock Exchange, effective September 30, which will leave its sole stock exchange listing in New Zealand.

Other stocks on the move today included: Carter Holt Harvey up 2c at 229, Fletcher Building down 7c at 553, Michael Hill Jeweller down 9c at 676, Toll NZ up 7c at 252 and NGC down 2c at 300.

- NZPA