NZ stocks: Sharemarket starts week in the black

The sharemarket enjoyed a good start to the week today, pushed up by price rises from the market leaders.

The benchmark NZSX-50 gross index closed up 14.73 points, or 0.56 per cent at 2624.03, while the NZSX-All capital index rose 4.58 points, or 0.52 per cent to 887.83.

Bellwether stock Telecom was up 5c at 574. Trade in Telecom made up $15.1 million of the market's turnover of $30.4 million today.

ASB Securities broker Andrew Kelleher said the domestic market seemed to have taken its cue from positive movements offshore, as well as domestic data released today.

The Consumer Price Index showed that March quarter consumer prices rose 0.4 per cent, slightly less than market expectations, indicating an interest rate rise might not be warranted in the near term.

Other top ten stocks heading north today included Contact up 4c at 548, Air New Zealand up 2c at 43 and Guinness Peat Group up 3c to 223c.

Mr Kelleher said there had been a muted response from Sky City Entertainment shareholders to the news it was bidding for the balance of Sky City Leisure shares, in which it already has a 74 per cent stake.

Sky City Entertainment shares were up 2c to 445.

Sky City Leisure ordinary shares fell 10c to 95c, however, its mandatory convertible notes (MCN) rose 16c to 159. Sky City bid 82cps for the ordinaries and $1.60 for each MCN.

The notes convert to two ordinary shares giving shareholders the option to receive $1.64 for those shares.

Mr Kelleher said retailers fared badly today, with Briscoe down 9c to 148 after it shed a 4cps dividend while clothes retailer Hallenstein Glasson fell 14c to 306 after shedding its 10c dividend. Fellow retailer The Warehouse down 9c to 429c, after shedding a 10.5c dividend.

Tourism Holdings, ex a 4cps dividend was down 5c to 163 while Williams & Kettle, ex a 8cps dividend was down 5c at 285.

On the upside, Dunedin biotechnology company Botry-Zen rose 2.9c, or 28.71 per cent, to 13 cents. The company today announced it has developed a dry powdered product which has a shelf life of six months, compared to the six week sheld life of its frozen paste product. The products can be used in integrated spray programmes on vineyards and orchards.

Stock exchange operator NZX continued to rise today, up 5c at 965.

Also on the rise today were: Lion Nathan up 4c at 705, NGC Holdings up 8c at 255. Tenon up 1c at 195, Trustpower up 5c at 405, Telstra up 5c at 549,Tranzrail up 5c at 145. Michael Hill Jeweller up 16c at 586 and Waste Management up 10c at 435. On the downside Ports of Auckland fell 8c to 750 and Independent Newspapers was down 4c at 480.

Of the 153 stocks traded today there were 71 rises and 40 falls.

- NZPA