NZ stocks: Shares complete week of consecutive closing highs

6.09pm

The sharemarket completed a week of gains today with the benchmark index stepping to its fifth consecutive closing high on modest rises by second tier stocks.

The NZSX-50 gross index closed 13.37 points higher at 2923.66, while the NZSX all capital index gained 3.95 points to 965.60.

ABN Amro Craigs retail adviser Nigel Scott said today's session had been "interesting yet quiet".

Trade was dominated in volume terms by institutional trade in Telecom.

Telecom ended the day unchanged at 600 on turnover worth $84.31 million of the day's total of $128.62 million.

The benchmark index's gain was largely down to rises among the other leaders. Auckland International Airport was up 3c to 755, Air New Zealand was up 4c to 163, Carter Holt Harvey rose 2c to 217, Fletcher Building was up 4c to 584.

Fisher & Paykel Healthcare rose 4c to 311 as it continued to recover from the 11c dumping it took on Wednesday after its 11.5 per cent rise in half year failed to impress investors.

Mr Scott said currency sensitive stocks had benefited from a dip in the kiwi/aussie cross. Sanford was up 20c to 485, ANZ Bank was up 15c to 2270 and Westpac was up 9c to 1995.

Contact Energy which today announced the sale of its Victorian retail business Red Energy -- just five months after the business was launched -- rose 4c to 624.

But outside a few leaders, volume was light Mr Scott said.

He said the market had seen some action this week, but trade hadn't been incredibly active trade, despite the main index's gains.

"We've just seen people continue to move around their portfolio."

Elsewhere today, Ports of Auckland was down 5c to 660. after the Northland Regional Council yesterday said it was looking to sell a 19.9 per cent stake in Northland Port Corporation (NPC) to Ports of Auckland for around $24 million. Port of Tauranga, which is a 50/50 partner with NPC in Northport was up a cent to 580. NPC was up 10c to 300.

Rural services firm Wrightson which today said it is not going ahead with its planned one in six share buyback was down a cent to 165.

Michael Hill Jeweller continued to steam ahead, up 5c at 835, on top of its 40c hike yesterday.

Fisher & Paykel Appliances gave some of yesterday's 13c gain, falling 5c to 425.

Toll NZ was up 8c to 273. Yesterday the company announced it had reached a 20 year deal with Fonterra for transport of the dairy giant's products from the Waikato region.

The Warehouse climbed off the five year low it hit on Wednesday, rising 5c to 379

Other stocks to move today included: Cavalier Corp up 5c to 460, Nuplex up 6c to 509, NZX up 30c to 770, Pumpkin Patch up 4c to 232, Sky TV up 5c to 575, Tower was up 6c to 240 and TrustPower up 10c to 532.

There were 63 rises and 33 falls among the 157 stocks traded.

- NZPA