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Home / Business / Companies

<i>NZ stocks:</i> Index boosted by rallies across the board

17 Oct, 2006 05:39 AM2 mins to read

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The rise of the main US blue chip index to a new record helped inspire the New Zealand sharemarket, which closed at a five-month high.

The benchmark NZX-50 index rose 12.45 points, or 0.34 per cent, to 3675.46 on turnover valued at $97.3 million.

Market leader Telecom rose a cent
to 430.

ABN Amro Craigs retail advisor Bryon Burke said New Zealand was following world markets which have rallied strongly recently, although regional markets were slightly softer today.

Activity was mixed, with several notable rises on relatively slim volume. Number two stock Fletcher Building hit a three-month high of 930, up 5c, having surged from 825 about three weeks ago.

"I think it's because it's in line with overseas markets, it's dominated by overseas investors and they haven't been selling, they've been on the buy side," Mr Burke said.

Contact Energy was up 4c at 727, Fisher & Paykel Healthcare rose 11c to 415, and Freightways was up 15c, or 4 per cent, at 400.

"It seems to be stocks that are reflective of the New Zealand economy, they've had a very strong rise," he said.

On the decline was casino operator Sky City, down 11c at 528, Sky TV, off 2c to 550, and Promina, down 14c at 790.

Discount retailer The Warehouse rose a cent to 641, recovering from a low of 630 during the session.

"I'm surprised they didn't come down earlier. The game seems to be up for the short term, the next move is not going to be overnight," Mr Burke said.

Founder Stephen Tindall's planned takeover bid of 575c per share appears sunk following Australian supermarket giant Woolworths' purchase of a 10 per cent stake.

In June and July, Woolworth's New Zealand supermarket rival Foodstuffs bought 10 per cent at prices around $5 a share.

Resins and paint manufacturer Nuplex rose strongly again, benefiting from lower commodity prices, in particular oil. It gained 15c to 665.

Rises outnumbered falls 59 to 40 among the 143 stocks traded.

Japan's Nikkei average retreated from a five-month high as investors turned cautious ahead of the start of the corporate earnings season. In Australia, the benchmark ASX/S&P 200 Index reversed early gains, losing 11.1 points to 5299.9.

On Wall Street, US stocks pushed the Dow to an all-time high just 3 points shy of 12,000, amid positive assessments of the economy.

- NZPA

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