6.00pm
The New Zealand sharemarket today showed it has a life of its own, climbing to a new 11-month-high despite a lack of direction from key markets in Britain and the United States, which were closed for holidays yesterday.
The NZ50 Gross Index closed 10.64 points or 0.52 per cent higher at
2058.66, its highest level since June 21 last year.
The NZSE40 capital index rose 12.68 points or 0.63 per cent to finish at 2030.32.
Turnover, however, was fairly light with 19 million stocks worth a mere $52 million changing hands.
Nevertheless, ASB Securities' Andrew Kelleher said the market's performance was heartening.
"It was very pleasing that we start a morning without any sort of offshore crutch to point us in a direction and we've managed to rally on the day. Perhaps it does point to the general underlying tone, that the market is still cautiously positive."
Mr Kelleher said the market's top ten stocks bar one enjoyed a good day.
Sky City fell 4c to 838 but Mr Kelleher said that was of little concern.
"It's had quite a big run over the last two or three days. It's just having a little bit of a pause, a little bit of a breather."
The Tranz Rail saga continued to roll on. The bruised rail operator added 2c to its share price today to take it to 86 as 1.9 million of its shares changed hands for $1.6 million.
Australian transport group Toll Holdings has recently spent $6.2 million upping its stake in Tranz Rail to 10.1 per cent from the 6 per cent it held when US rail operator RailAmerica announced last week it was withdrawing its tender offer.
Today Tower Asset Management announced it had a 5.21 per cent stake in Tranz Rail, up from 4.5 per cent.
The market was still waiting to see what Toll's next move would be, Mr Kelleher said.
Meanwhile, insurer and asset manager Tower -- whose shares plunged to a record low of 138 last week after the company gave notice of a fresh profit warning, a clean out of its books and plans for a capital raising to cut debt -- held firm in trading today.
Tower's shares rose 1c to 146 in advance of its half-year profit result and announcement of details of its capital raising tomorrow.
Elsewhere on the market Fisher & Paykel Appliances, which is to announce its full year profit on Thursday, rose 35c to 1120.
Other stocks to rise today included: Air NZ up 2c to 46, Auckland International Airport up 44c to 556, Carter Holt Harvey up a cent to 160, Cavalier Corp up 15c to 450, Contact Energy up 5c to 470, Fletcher Building up 4c to 354, Guinness Peat Group up a cent to 145, Independent News Ltd up 7c to 432, Infratil up 5c to 200, NZ Refining Co up 5c to 1605, Richmond up 3c to 315, Sky TV up 4c to 441, Telecom up a cent to 508, Telstra up 2c to 498, and Waste Management up 5c to 340.
Among stocks to fall were: AMP down 6c to 568, Baycorp Advantage down 3c to 177, Hellaby Holdings down 4c to 395, and Michael Hill down 2c to 443.
There were 48 rises and 38 falls among 142 stocks traded.
- NZPA
6.00pm
The New Zealand sharemarket today showed it has a life of its own, climbing to a new 11-month-high despite a lack of direction from key markets in Britain and the United States, which were closed for holidays yesterday.
The NZ50 Gross Index closed 10.64 points or 0.52 per cent higher at
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