The New Zealand sharemarket shrugged off pre-holiday lethargy today, performing strongly in line with firmer offshore markets.
By 5pm the NZSX-50 gross index was 10.18 points or 0.42 per cent higher at 2384.506, while the NZSX-40 capital index was 6.7 points or 0.30 per cent higher at 2209.68.
"It was quite a
positive day," said dealer Grant Williamson of Hamilton, Hindin, Greene. "It was quite reasonable turnover so close to Christmas."
Turnover was $97 million, with bellwether stock Telecom leading the way, up 3c to 513 on a solid $23 million turnover.
There was also a large crossing in financial services company Tower, as it put nine million company-held shares on the market at $1.23.
The company cited capital inefficiency as the reason for the sale. Tower closed flat at 126 on 10.2 million shares worth $12.6 million.
Trading was also strong in Wrightson on the final day of Rural Portfolio Investments' (RPI) offer of $1.45 a share. The stock closed down a cent at the offer price on just over three million shares traded.
An early afternoon update from RPI said its Wrightson stake had increased to 12.2 per cent.
Building stocks also saw a resurgence after an interest rate hike in Australia and concerns that the housing boom was waning.
Fletcher Building was up 4c to 398, having lost more than 40c since the end of October; Nuplex also rose 4c to 421, as did Steel and Tube to 380.
Building stocks was probably "a bit oversold and the sector is still buoyant", Mr Williamson said.
Discount retailer the Warehouse was also looking a little healthier, up 6c to 516.
Freightways reached yet another new high of 206, before easing to 205, up 2c.
Other stocks to move included: Auckland Airport down 4c to 696; Contact Energy down 3c to 530; Fisher and Paykel Healthcare up 6c to 1200; Michael Hill up 6c to 485; Ports of Auckland down 18c to 790; Sanford up 11c to 519; Sky City up 6c to 466; and Skellmax up 3c to a new high of 133.
On offshore markets yesterday, New York's Dow Jones industrial average rose 65 points, or 0.65 per cent, at 9987. The Standard & Poor's 500 Index gained nine points, or 0.85 per cent, to 1068, and the Nasdaq Composite Index added 23 points, or 1.23 per cent, to 1928.
- NZPA
