Big gains in some of the blue chip stocks helped buoy the New Zealand sharemarket to new highs today, despite a sluggish performance from Telecom.
Alan Wills of Forsyth Barr Frater Williams said the New Zealand reporting season had got off to a "terrific start", with Fletcher Building's better than expected
June year result providing the day's highlight.
Fletcher Building's year net profit of $168 million was up 81 per cent from $93 million a year earlier, and beat analysts' forecasts of $156 million.
The stock extended its recent run to 4-1/2 year highs, closing today up 3c at 421.
Other key stocks to rise were Auckland International Airport, up 17c at 628, Sky City, up 15c at 932 after the Government softened its stance on the anti-smoking bill last night, and The Warehouse , up 18c at 530.
Auckland Airport is benefiting from a rise in air traffic on the Tasman, as it derives revenue from landing charges, carparks, retail and other aspects of its business.
"They're at the front edge, they're the first people that get paid every time a tourist lands in New Zealand effectively," Mr Wills said.
The benchmark NZSX-50 gross index closed up 0.64 per cent, or 14.12 points, at 2217.52 -- beating the previous high set on June 30. The index was introduced in March but has been plotted back to February 1, 2001.
The top-40 capital index gained 0.67 per cent to 2140.90.
Topping turnover of 33.73 million stocks valued at $84.19 million was Telecom's $30.29 million.
"We're seeing an interest in a number of shares today and the volumes are okay too, the interest is across the board.
"The reporting season's got off to a really terrific start, looking at Telecom and Fletcher Building our two major companies," he said.
"'I think that's giving the market some confidence."
Other companies continuing to be rewarded after recent pleasing announcements were Tourism Holdings, up 4c at 144, Waste Management, up 2c at 390, and Fisher & Paykel Appliances, up 15c at 1415.
Telecom closed down 1c at 522.
"Telecom's not firing really, we're seeing it more in other stocks -- retailers are having a good day and anything to do with the building sector is having a good day," he said.
Nuplex rose 4c to 388, and Steel & Tube gained 7c to 380.
Elsewhere on the market, Contact Energy was up 4c at 498, Tranz Rail rose 1c to 98, Guinness Peat Group was up 2c at 161, F&P Healthcare was up 18c at 1223, and Sky TV gained 3c to 468.
Investment company Richina Pacific gained 1c to 36 today after posting a $3.58 million profit for the six months to June, down 15 per cent on the same period last year, but higher than forecast.
Fellow reporter Lyttelton Port Company rose 4c to 183 on news its annual profit fell 28.7 per cent to $11.63 million.
There were 61 rises and 41 falls on the 143 stocks traded.
On Wall St, the Dow Jones industrial average rose 92.71 points, or 1.01 per cent, to 9310.06; the broader Standard & Poor's 500 Index added 9.76 points, or 1 per cent, to 990.35; and the Nasdaq Composite Index gained 25.5 points, or 1.53 per cent, to 1687.01.
- NZPA
Big gains in some of the blue chip stocks helped buoy the New Zealand sharemarket to new highs today, despite a sluggish performance from Telecom.
Alan Wills of Forsyth Barr Frater Williams said the New Zealand reporting season had got off to a "terrific start", with Fletcher Building's better than expected
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