NZ stocks: Market hits seventh consecutive closing high

The New Zealand sharemarket's lively recent upward run continued today as the benchmark index hit a fresh closing high for the seventh day running.

The NZ50 Gross Index rose by just under 1 per cent or 20.24 points to 2084.67, while the NZSE40 climbed 0.9 per cent or 18.32 points to 2053.683, its highest level since September last year.

Turnover was a healthy $98.5 million on 34.34 million shares.

Forsyth Barr Frater Williams broker Alan Wills said today's trading started off a bit slow but picked up throughout the day.

He said today's "very solid sort of performance" was underpinned by some good results, the standout being Fisher & Paykel Appliances.

"It's had a terrific day. It's finished way up at a record high, it beat expectations on its earnings and certainly its dividend was higher than expected. Overall a very good performance."

The market responded less favourably today to fishing company Sanford's result.

Sanford shares fell 5c to 576 today despite the company announcing a 100 per cent rise in net profit.

Mr Wills said the company's headline figure was fine "but that included some foreign exchange gains, at an operating level the result was lower than the comparable period last year".

Fish price declines, difficulties with one or two markets and some investor disappointment over a skinny dividend may have contributed to the market's relatively frosty response to the company's result, Mr Wills said.

Sanford shares were down 16c to 565 by local close.

Market juggernaut Telecom and fellow telco Telstra both enjoyed gains today. Telstra rose 8c to 510 and Telecom gained 12c to finish at 525.

Telecom topped turnover by volume and value with 7.7 million shares worth $40.1 million traded.

Mr Wills said that while enduring "a very poor time over the last eighteen months" telcos, especially those with strong domestic franchises like Telstra and Telecom, were starting regain investor favour.

Tourism Holdings added 5c to finish at 100. Mr Wills commented that the market was beginning to look beyond the recent international events that had impacted on the tourism sector and was now expecting a better operating environment.

Elsewhere on the market, NGC Holdings today announced details of a $475 million capital return to shareholders after the market closed. The company's shares were up 7c to 168 by the end of trading.

Among stocks to rise today were: Contact Energy up 3c to 471, Fisher & Paykel Healthcare up 21c to 1100, Guinness Peat Group up 2c to 145, Hellaby Holdings up 4c to 400, Infratil up a cent to 202, Michael Hill up 4c to 445, Promina up 2c to 242, Ryman Healthcare up 2c to 177, Sky City up 5c to 835, and Sky TV up 13c to 458.

Among stocks to fall were: AMP down a cent to 555 , BayCorp Advantage down 2c to 179 , Briscoe Group down 4c to 195 , Carter Holt Harvey down 2c to 160 , Fletcher Building down a cent to 350, Ports of Auckland down 5c to 695, Richmond down 3c to 312, Tower Group down 4c to 150, Turners Auctions down 5c to 315, and the Warehouse down 3c to 445 .

There were 52 rises and 32 falls on 129 stocks traded.

- NZPA