NZ stocks: Market ends the week on the up

6.40pm

The New Zealand sharemarket ended the week in the black with a big rise from Sky City a highlight.

The NZSX-50 gross index was up 8.16 points, or 0.35 per cent, at 2317.94, while the top-40 index gained 0.26 per cent to 2215.19.

Telecom, which topped turnover with its $20.1 million worth of shares, rose 5c or 1 per cent, to 492.

Grant Williamson of Hamilton Hindin Greene said the market had a reasonably good session today.

"It's bouncing back from a few week days this week -- in particular we saw some very good up side in Sky City, up 19c at 910.

"Of course (Sky City) are going to have a share split shortly, and there's also been some corporate activity among the gaming companies in Australia, so I think that's created a bit of interest in Sky City on this side of the Tasman as well," Mr Williamson said.

On Wednesday Australia's largest gaming group, Tabcorp Holdings Ltd, made a A$1.9 billion ($2.2 billion) bid for wagering group Tab Ltd.

Retailer Briscoe Group fell 10c to 181, disappointing the market with its sales figures today, including reduced margins which were likely to affect the company's bottom line.

Sales rose 6.2 per cent to $68.2 million in the third quarter, although same-store sales, which exclude new stores, were just 0.5 per cent higher.

"The Warehouse also had their sales figures out today, they seemed to show a better increase than Briscoes, but the market was still not overly impressed with the announcement," Mr Williamson said.

The Warehouse, whose shares lost 2c to 568, announced a 12 per cent rise in first quarter sales on a year ago but said its Australian unit continues to drag the chain.

Fletcher Building remained under pressure following the Australian interest rate rise this week, closing down 3c at 412.

Hawke's Bay meat company Richmond was unchanged at 310 despite a rebound in its annual result, posting a net profit of $12.9 million against a loss of $6.5 million a year ago.

Auckland Airport was up 7c at 680, Carter Holt Harvey rose 2c to 185, Sky TV gained 3c to 523, Lion Nathan was up 5c at 645, NZX rose 12c to a high of 505, and TrustPower was up 10c at 590.

Tranz Rail closed up 13c at 146 after its suitor Toll Holdings said today it would extend its takeover offer until December 22.

Toll's current Tranz Rail stake is 84.2 per cent.

Fisher & Paykel Appliances was down 16c at 1499, ANZ lost 9c to 1942, clothing retailer Hallenstein Glassons was down 2c at 308, Guinness Peat Group lost 4c to 184, Infratil was down 4c at 252, and Fletcher Forests lost 1c to 132.

"It was reasonably active day for a Friday, the tone was mildly positive, but I think a lot of it was bargain hunters coming into some stocks after seeing a bit of a sell off in recent days," Mr Williamson said.

Turnover of 25.98 million stocks was valued at $70.37 million. There were 46 falls and 45 rises on the 141 stocks traded.

- NZPA