NZ stocks: Market continues week's positive trend

6.00pm

The positive close for the New Zealand sharemarket today was indicative of the general trend this week.

The benchmark NZSX-50 gross index closed up 8.20 points, or 0.39 percent, at 2121.49 while the top-40 index was up 0.34 percent at 2082.79.

Moderate turnover of 25.83 million stocks, valued at $59.04 million, was topped by Telecom's $15.34 million.

Matt Willis of ABN Amro said the market had seen another positive week. "It's a continuation of a very good trend."

Toll Holdings released its revised offer for Tranz Rail, from 75cps to 95cps, after the market closed. Tranz Rail closed down 3c at 89, on 3.07 million shares, before the new bid.

"Certainly in the scheme of things it will no doubt be worthy of consideration by shareholders," Mr Willis said.

"It certainly makes the state of play more interesting. The offer at 75cps, as opposed to the Government's offer, would have held little interest for shareholders. This does make the playing field somewhat more even."

The Government trumped Toll's offer last Friday by offering to pay $76 million for a 35 percent stake in Tranz Rail, via a 67cps rights issue, and an early $44 million injection. It also included the purchase of the tracks for $1 and associated assets for $50 million.

In other transport stocks, Mainfreight increased its stake today in rival Owens Group to 15 percent. Mainfreight shares closed unchanged at 130, and Owens shares rose 8c to 100.

Auckland International Airport rose 5c to 575. "I think they're just shaking off the implications of the Sars threat, and it's going from strength to strength as far as the share price is concerned," Mr Willis said.

Two-thirds owner of Wellington Airport, Infratil, was up 1c at 201.

Retail giant The Warehouse was up 7c at 460, while fellow retailer Briscoe Group rose 3c to 198.

Fletcher Building, which has seen a few tumbles this week, closed up 2c at 367, while Fletcher Forests rose 1c to 100.

Fisher & Paykel Appliances was up 1c at a fresh high of 1306, Carter Holt Harvey rose 1c to 165, Contact Energy gained 3c to 482, Sky City was up 15c at 885, Sky TV rose 5c to 460, AMP was up 29c at 589, and NZX rose 8c to 410.

Independent Newspapers Ltd was down 3c at 430, NGC Holdings lost 2c to 156, Tower shed 1c to 153, and WestpacTrust lost 7c to 1790.

Market leader Telecom was unchanged at 510, while among the smaller stocks Hellaby Holdings rose 12c to 400, Tourism Holdings Ltd was up 1c at 105, Vertex gained 2c to 148, and Skellmax was up 2c at 116.

ANZ rose 40c to 2200 on tiny turnover of 2500 shares.

There were 56 rises and 36 falls on the 133 stocks traded.

- NZPA