NZ stocks: Sharemarket up as rates take a hike

12.10pm

The sharemarket rose in early trading on the back of the widely-anticipated 25 basis point rate rise announced by the Reserve Bank at 9am this morning.

At 11.35am today the benchmark NZSX-50 gross index was up 6.57 points at 2747.32 while the NZSX-All capital index was up 1.81 points at 914.58.

Telecom was down 2c at 569, on turnover worth $25.4 million.

Total market turnover by 11.35am today was worth a healthy $42.6 million. Of the 88 stocks traded by 11.35am there were 28 rises and 18 falls.

Fisher & Paykel Healthcare rose 5c to 1355 after it announced the launch of two new products for use on the treatment of sleep apnea.

Powerco was unchanged at 207, after Prime Infrastructure said yesteday it would will not sweeten its takeover deal for Powerco.

Prime is offering $2.15 a Powerco share, 62.5 per cent of that in cash and 37.5 per cent in Prime securities.

Ports of Auckland, which is now on day two of a planned four-day strike, was up 2c at 693.

Fletcher Building, which has been on a two-day road show, surged 11c to a new record high of 558 today.

Air New Zealand was up 1c at 189, after taking a 6c dive yesterday as investors unloaded the national airline to make way for a Qantas book-build as part of British Airway's decision to quit the Australian carrier.

NZX recovered 5c to 815 this morning, after taking a battering over the past few days after discount sharebroker Access Brokerage was placed in liquidation.

Sanford continued to fall today, down 10c to 400, on the back of an 18c drop yesterday. The fishing company has been in the news this week after it lost a crewman in a gruesome accident.

The Warehouse's decline continued, down 1c to 437. The discount retailer has fallen 20c so far this week in the lead up to tomorrow's full year result announcement.

Other stocks on the move today included: Contact Energy up 2c at 587, Carter Holt Harvey up 1c at 231, Sky Network TV up 5c at 530, Michael Hill Jeweller up 6c at 706, Turners Auction up 3c at 483 and Auckland Airport up 2c at 706.

- NZPA