The New Zealand sharemarket climbed to a fresh closing high today buoyed by vigorous trading in resthome operator Ryman Healthcare, market linchpin Telecom, and high yielding stocks elsewhere.
The benchmark NZSX 50 gross index rose 10.65 points or 0.49 per cent to 2180.38, while the NZSX 40 capital index climbed 9.84
points or 0.46 per cent to 2127.02.
Turnover was a healthy $116.4 million on 57.4 million shares traded.
Broker Barry Johnson of Macquarie Equities told NZPA the market had enjoyed an " excellent period" lately with good quality stocks doing very well and being in short supply.
"There's been a fair bit of renewed interest in Telecom lately, so there's some decent volumes through there today. That's certainly given things a boost along."
Telecom rose 2c to 521 by the close of trading.
However, Telecom, which usually tops the turnover table, was relegated to second place by a massive sell-off of Ryman Healthcare stock.
More than 31 million Ryman shares worth $48.7 million changed hands today.
The top three shareholders in the company had sold down their holdings at 155c per share compared with yesterday's 176c close.
Mr Johnson said while the sell-off had affected Ryman's price it had "absorbed those transactions very well". Ryman finished the day 8c down at 168.
Meanwhile Mr Johnson said there was "a fair bit of interest in the yield stocks, such us Powerco and Sky City".
"I guess that's what's been driving our market as interest rates go lower. People are looking around for good income, so it's those income stocks that have been performing best."
PowerCo finished the session 2c up at 173, while Sky City rose 1c to 936.
Elsewhere , Mr Johnson said the banking sector in Australia was "having a nice little run again by the look of it," with Westpactrust which went ex-dividend earlier this week putting on 39c today to finish at 1799, and ANZ gaining 20c to close at 2210.
Other stocks to rise included : Axa Asia up 6c to 276 , Briscoe up a cent to 200 , Carter Holt Harvey up a cent to 170, Dorchester up 3c to 162, Fisher & Paykel Appliances up 10c to 1320, Fisher & Paykel Healthcare up 3c to 1150, Fletcher Building up 3c to 368, Guinness Peat Group up a cent to 153 , Hellaby Group up 2c to 412, Independent Newspapers Ltd up a cent to 427 , Infratil up 2c to 201, Mainfreight up a cent to 131, NGC Holdings up 4c to 169 , NZ Refining Co up 6c to 1666, Promina up 2c to 255, Restaurant Brands up a cent to 144, Richmond up 2c to 314, Sky TV up 2c to 457, Tourism Holdings up 3c to 115, Tranz Rail up a cent to 91, and the Warehouse up 13c to 514 .
Stocks to fall included: Auckland International Airport down 2c to 593, Contact Energy down a cent to 490, Fletcher Forests down a cent to 113, Lion Nathan down a cent to 660, NZX down 5c to 405, Owens Group down a cent to 98, Sanford down a cent to 513, and Tower Group down 4c to 154.
There were 48 rises and 33 falls among 135 stocks traded.
- NZPA
The New Zealand sharemarket climbed to a fresh closing high today buoyed by vigorous trading in resthome operator Ryman Healthcare, market linchpin Telecom, and high yielding stocks elsewhere.
The benchmark NZSX 50 gross index rose 10.65 points or 0.49 per cent to 2180.38, while the NZSX 40 capital index climbed 9.84
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