NZ stocks: Tranz rail livens up otherwise quiet market

In an otherwise quiet sharemarket today Australian company Toll Holdings grabbed centre stage when it again upped its stake in rail operator Tranz Rail.

At market's close at 4pm, the benchmark NZSX50 gross index was up 7.05 points, or 0.33 per cent, to 2172.47, while the NZSX40 capital index rose 5.62 points, or 0.27 per cent to, 2108.22.

Tranz Rail shares closed up 1c at 92c after this morning's flurry of buying activity from Toll, which has tabled an offer to takeover the rail operator.

Toll said in a substantial shareholder notice to NZX this morning it had bumped up its 10.1 per cent stake in Tranz Rail to 19.99 per cent with shares bought on market.

ABN Amro Craigs operator Matt Willis said the activity on Tranz Rail livened up an otherwise quiet market.

Today there was $88.2 million of stocks traded on volume of 47.5 million shares. Among the 138 stocks traded were 60 rises and 29 falls.

Market leader Telecom took a back seat to Tranz Rail today, trading $13.4 million on turnover of 2.6 million. Telecom shares finished up 1c at 515.

Tranz Rail traded $20.9 million on volume of 22.2 million.

Meanwhile, the blue-chip Dow Jones industrial average added 67.51 points, or 0.75 per cent, to 9,079.04, while the broader Standard & Poor's 500 Index rose 10.49 points, or 1.08 per cent, to 985.81.

London's FTSE 100 index closed down 26.2 points or 0.6 per cent to 4,041.7, European blue-chip shares closed flat, and in Japan the Nikkei dipped.

Stocks on the rise on NZX today included: AMP up 3c to 578, ANZ up 5c to 2105, Auckland International Airport up 10c to 600, Carter Holt Harvey up 2c to 173, Contact Energy up 6c to 490, Fisher & Paykel Appliances up 16c to 1351, F&P Healthcare up 19c to 1200, Independent Newspapers Ltd up 7c to 425, Michael Hill up 5c to 455, NXZ up 16c to 438, and Westpac up 15c to 1775.

On the down side were: Fletcher Building down 8c to 362, JPM Fleming down 25c to 1010, Lion Nathan down 7c to 620, New Zealand Refining down 4c to 1656, Sky City down 14c to 924, and The Warehouse down 3c to 510.

From Monday the NZX will start trading an hour later, from 10am, and will close at 5pm.

- NZPA