5.55pm
The sharemarket lifted off into blue sky today, finishing at another fresh closing high on good gains by the likes of Telecom, Michael Hill and APN News & Media.
The market's benchmark NZSX-50 gross index closed 18.56 points or 0.64 per cent higher at 2910.29, while the NZSX all capital index
closed 4.96 points or 0.52 per cent higher at 961.65.
"It's very strong on good volume with heavy turnover in Telecom again," Forsyth Barr's David Price said.
Telecom closed at a one month high of 600 on turnover worth $72.23 million, a half of the market's total turnover of $144.52 million.
Jeweller Michael Hill International rocketed 40c to an all time high of 830. "It's an example of what you can do if you can get retail right," Mr Price said.
"It obviously took them a while to get Australia right and it's been outstanding for them."
Michael Hill's gain today was in stark contrast to fellow retailers Briscoe Group and The Warehouse which were both sold off in recent sessions on disappointing sales figures.
The Warehouse lost another cent today to finish at 374, while Briscoe recovered 2c to 129.
The top 50's other big move today was APN News & Media which rose 23c or 4.34 per cent to 553, its highest level since debuting on the New Zealand market in June.
Meanwhile both Fisher & Paykel stocks gained on heavy volume.
Fisher & Paykel Appliances gained 13c to 430 on the back of a half year net profit of $34.5 million for the period to September 30 announced today.
"I think the market had built in some more bad news coming out of the company, but basically the result today gave everyone comfort. I think they'd been oversold ahead of the result," Mr Price said.
Fisher & Paykel Healthcare recovered 6c to 307. Yesterday it lost 11c despite posting an 11.5 per cent rise in half-year net profit.
Fletcher Building was up a cent to 580. It today confirmed it was in the hunt for more assets from Australia's Amatek.
Ports of Auckland was down 5c to 665 and Northland Port was unchanged at 290 after the Northland Regional Council said it was looking to sell a 19.9 per cent stake in Northland Port Corporation (NPC) to Ports of Auckland for around $24 million.
Elsewhere, Auckland International Airport enjoyed a 7c rise to 752, Air NZ was up 4c to 159, AMP was up 15c to 790, Carter Holt Harvey was up 3c to 215, Ryman Healthcare was down 8c to 316, Toll NZ was down 6c to 265 and Tower was down 6c to 234.
Of the 158 stocks traded today there were 64 rises and 43 falls.
- NZPA
5.55pm
The sharemarket lifted off into blue sky today, finishing at another fresh closing high on good gains by the likes of Telecom, Michael Hill and APN News & Media.
The market's benchmark NZSX-50 gross index closed 18.56 points or 0.64 per cent higher at 2910.29, while the NZSX all capital index
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