NZ stocks: Shares drift to six-week closing high

6.00pm

The sharemarket's benchmark index floated to a six week closing high today despite a market holiday in Australia taking some vitality out of trade in top stocks.

The NZSX-50 gross index closed up 10.95 points or 0.42 per cent to 2624.02 its highest close since April 30. The NZSX all capital index rose 0.57 of a point to 879.15.

Amro Craigs Equities retail adviser Bryon Burke said today's session had been quiet as anticipated with the Australian market closed for the Queen's Birthday holiday.

He said today was one of the few days in the year when the New Zealand market was open for business while Australia's ASX was not.

"That does highlight the stocks which Australian brokers or investors are prevalent in and a lot of those tend to be the top 10 so there's not a lot of movement there."

Although retail trade was "pretty steady" the lighter overseas order flow saw overall trade remain very thin with most movements on light turnover.

Total turnover was worth $45.61 million and rises and falls were even at 46 apiece among 152 stocks traded.

Nevertheless, there was "a slightly positive tone" today, Mr Burke said.

Market leader Telecom was up 3c to 564. The company today confirmed a $62.5 million conditional deal to buy systems integrator Gen-i from Cullen Investments, which is part of the Eric Watson empire. The announcement follows news on Friday Telecom had picked up a $30 million deal with the Corrections Department.

Elsewhere across the top of the board, Auckland International Airport was up 7c to 670, Carter Holt Harvey up a cent at 198, Fisher & Paykel Appliances up 4c to 453, Fletcher Building down 2c to 432, Infratil down 3c to 287, Sky City up 5c to 475, and The Warehouse down 2c to 426.

Meanwhile, Fisher and Paykel Healthcare was down 18c to 1304 despite going ex-div to the tune of 28 cents per share.

Other stocks to go ex div today included: Westpac NZ at 47 cps, Sanford at 9 cps and Kiwi Income Property Trust at 3.8 cps.

Westpac ended the session down 50c at 1810, Sanford was down 8c at 458, and Kiwi Income Property Trust was down 4c at 102.

Owens Group, 80 per cent owned by Mainfreight and 12 per cent owned by Toll Holdings, said today it planned to sell assets to Sea Containers Australia Ltd (Seaco) for $12.5 million. Mainfreight shares finished the session 3c lower at 177, while infrequently traded Owens Group shares were unchanged at 106.

Amongst other news was PPCS' takeover bid for the balance of shares it does not own in meat processor Richmond.

PPCS, which currently owns 63 per cent of Richmond, said it would offer $3.11 a share, conditional on it achieving 90 per cent acceptance. Richmond shares closed unchanged at 268.

Elsewhere, Australia based APN News & Media, said it planned to list its shares on NZX on June 21.

Other stocks to move today included: Air NZ down a cent to 40, BayCorp Advantage down 2c to 315, Cavalier Corp down 4c to 480, Dorchester Pacific down 10c to 265, Guinness Peat Group up 2c to 198, Michael Hill up 3c to 583, Mooring Systems up 5c to 335, NGC Holdings up 4c to 268, Nuplex down 4c to 516, Port of Tauranga down 10c to 510, Sky TV up 2c to 525, Teamtalk up 8c to 230, Toll NZ down 2c to 158, and Tower up 2c to 166.

- NZPA