The stars were aligned in favour of the sharemarket this week as it outperformed other indices around the world.
A mid-week rate cut by Reserve Bank governor Don Brash, inclusion of market heavyweight Telecom in the Australian top 50, 100, 200 and 300 indices, and a continued pool of money to
reinvest after the sale of Fletcher Energy kept the sharemarket buoyant as others fell.
Fletcher Energy topped turnover as investors scrambled to sell ahead of its disappearance from the indices next Friday, with 9.1 million shares trading hands valued at $87.41 million.
Total turnover was high, with 42.18 million shares valued at $202.05 million.
Fletcher Building and Energy finished trading on the Australian Stock Exchange yesterday after the High Court approval of Fletcher Challenge's restructuring and separation.
Forests closed down 1c at 33c. Building rose 3c to $2.10.
The NZSE-40 capital index closed up 8.84 points, or 0.42 per cent, at 2099.06.
David Cleal of JB Were said interest continued in Telecom, which ended the week up 8c at $6.28 on $47.30 million worth of shares.
Fletcher Energy ended up 7c at $9.60 after asset Capstone Turbines closed in the United States up $US1 and the New Zealand dollar hovered around 41USc.
The Warehouse sustained its moment from earlier this week when it posted a better than expected first half profit of $51.96 million on Monday. The Warehouse, up 6c yesterday at $6.15, has continued to gain since it was announced most of rival retailer Deka's stores would close.
"It stands out as one of the better retail performers, a bit like Woolworths is in Australia," Mr Cleal said.
"It's been a very strong market, given the state of the offshore markets. It's been pretty firm on good volume - it hasn't been a bad week."
Lion Nathan closed up 10c at $4.90, Montana rose 6c to $4.14, Telstra rose 20c to $7.90, and United Networks was up 20c at $8.60. Sky City gained 9c to $9.65, AMP bounced back 60c to $24.00 and ANZ Bank rose 23c to $17.36.
Sky TV slipped 7c to $3.53, Tourism Holdings was down 4c at $1.52, and Baycorp shed 25c to $11.35.
Kiwi Income Property Trust announced payment of an imputed interim dividend of 5.25c, closing unchanged at 89c.
Advantage Group recouped 6c to $1.08 after its recent slide. Genesis also clawed back 5c to $4.
Meanwhile, Waste Management jumped 17c to $4 on high volume of 2.4 million shares. Brokers said the company had been oversold and, after a large sell order had been absorbed, demand had resurfaced.
- NZPA
The stars were aligned in favour of the sharemarket this week as it outperformed other indices around the world.
A mid-week rate cut by Reserve Bank governor Don Brash, inclusion of market heavyweight Telecom in the Australian top 50, 100, 200 and 300 indices, and a continued pool of money to
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