The New Zealand sharemarket received a boost from its top three stocks, although the smaller stocks were less dynamic today.
By 5pm the benchmark NZSX-50 gross index was up 15.67 points, or 0.68 per cent, at 2310.49 while the top-40 index gained 0.66 per cent to 2210.59.
Telecom's $24.61 million worth of
shares topped turnover of 55.24 million valued at $92.61 million.
Grant Williamson of Hamilton Hindin Greene said interest was strong in the top stocks but activity elsewhere was reasonably light.
No 2 stock Carter Holt Harvey continued at nine-month highs, while Fletcher Building hit a near six-year high today.
Telecom firmed up today, closing up 2c at 503.
"Carter Holt also had a reasonable increase today, up 3c at 186... it's been left behind with the general market improvement for quite some time now," Mr Williamson said.
Investors were buying Carter Holt in anticipation of its third quarter result next week, and an expected improvement in international pulp and paper prices.
Contact Energy bounced 11c to 506 while Fletcher Building also continued improving, rising 6c to 435.
"I think it's taken quite some time for the market to work through that placement of shares it (Fletcher Building) had a while ago, when it acquired Tasman Building Products in Australia.
"Those extra shares seem to be bedded down now, and the price looks set to improve even further on the back of a very strong housing sector," Mr Williamson said.
"The stock still looks very cheap when you look at what the company's forecasting in earnings this current financial year."
Newly-listed gin and vodka maker 42 Below put in a spirited performance today after disappointing since its appearance on the NZX.
Shares in 42 Below rose 6c, or nearly 18 per cent, to close at 40c although it is still short of its initial offer price of 50c.
Fisher & Paykel Appliances, which is doubling production of its new top-loading clothes dryer in the US where the product goes on sale next year, rose 10c to close at a fresh high of 1490. Its sister stock F&P Healthcare lost 1c to 1265.
Elsewhere on the market, The Warehouse was up 10c at 565, Air New Zealand rose 1c to 54, Tranz Rail continued to surpass Toll's 110 offer price to close up 7c at 125, Guinness Peat Group was up 1c at 174, Promina lifted 5c to 375, and Baycorp Advantage was up 3c at 263.
AMP gained 10c to 793 after it won Australian Federal Court approval yesterday to demerge its United Kingdom arm.
Jeweller Michael Hill rose 4c to 430, Ports of Auckland was up 20c at 850 on light volume, and Port of Lyttelton shed 7c to 186 after its annual meeting today.
Richina Pacific, which issued a profit downgrade today on the back of its Chinese leather operation, closed down 2c at 36.
ANZ lost 10c to 2100, Trustpower was down 6c at 534, Telstra shed 4c to 556, and Independent Newspapers Ltd was down 5c at 455.
There were 58 rises and 26 falls on the 147 stocks traded today.
- NZPA
The New Zealand sharemarket received a boost from its top three stocks, although the smaller stocks were less dynamic today.
By 5pm the benchmark NZSX-50 gross index was up 15.67 points, or 0.68 per cent, at 2310.49 while the top-40 index gained 0.66 per cent to 2210.59.
Telecom's $24.61 million worth of
AdvertisementAdvertise with NZME.