NZ stocks: Market gains for third day in a row

6.00pm

The sharemarket posted its third day of gains today, pushing the benchmarket top 50 index above 2000 for the first time since late January.

The market tone was aided by firmer global markets where investors are betting on better economic times.

The NZ50 gross index rose 9.36 points to 2009.77 while the NZSE-40 capital index rose 9.03 points to 1985.18. T

he small stocks capital index rose 10.36 to 5721.36 and the top 10 capital index rose 5.68 to 906.95.

There was solid turnover worth $153 million led by Telecom with $69.6 million, NGC's $18.9 million, and market newcomer Promina's $22.7 million."

It was a good day for some today," said UBS Warburg broker Campbell Stuart. He said the feature was the good turnover in Telecom, NGC and newcomer Promina.

"It was pretty active market," he said.Telecom closed square on 490 having risen to a six month high of 495. Its result on Friday was well received while yesterday's Commerce Commission decision on wholesaling was seen as both clearing up uncertainty and not as bad for Telecom as it might have been.

Yesterday's debutant Promina gained 5c to 223, adding to its 6 per cent premium on its listing price. The A$1.9 billion float by Britain's Royal & Sun Alliance Plc was the world's biggest share listing this year.Power company NGC Holdings closed 3c down at 158 after the community-owned Hutt Mana Energy Trust pared back its holding from 8.2 to 6.6 per cent in a pre-market crossing at $1.52 -- a 5.6 per cent discount to yesterday's closing price.

Market number two Carter Holt Harvey added 4c to 164 on news negotiations for a new collective agreement at the Kinleith pulp and paper mill were due to resume today, after a union-employer deadlock was broken at the weekend.

AMP turned an 11c morning gain into a 10c loss by the close, ending on 595. Shareholders vented their anger at the annual meeting over the stock's horror run of late.BIL International slipped 3c to 76c. Takeover fever pushed shares up as much as 20 per cent in Singapore on Monday in their heaviest trade ever, on hopes of a bidding war between two of Southeast Asia's biggest tycoons.

The former New Zealand company, whose biggest asset is a controlling stake in London's biggest hotel group, Thistle Hotels, is around a quarter owned by low-profile Malaysian tycoon Quek Leng Chan. But another big investor, Singaporean Oei Hong Leong, has upped his stake in the firm to 8.14 per cent in the past week.Air New Zealand gained 2c to 47c. It, and would-be strategic partner Qantas, today discussed alterations for their case submitted to the Australian Competition and Consumer Commission (ACCC) on Friday.

The airlines said they had created some leeway for other budget airlines to fly in the region in an altered submission on their proposed alliance.Among the leaders to gain, Contact Energy rose 6c to 456, Auckland Airport rose 4c to 526, Fletcher Building rose 4c to 326, F&P Healthcare rose 3c to 1080, INL rose 3c to 412, Westpac NZ rose 20c to 1670, Waste Management gained 7c to 322 and Sky City gained 6c to 796.

On the downside, some exporters affected by the strengthening kiwi dollar were hit including Sanford, down 20c to 555, Cavalier, 8c to 432 and Fisher & Paykel Appliances, 5c to 1060.Among others to lose, Pacific Retail fell 9c to 212 and Cedenco fell 3c to 156.In all, rises outnumbered falls by 51 to 35 among the 133 stocks traded.

- NZPA