NZ shares follow overseas markets up in busy day

Briscoe shares jumped after it said it had a strong finish to the year. Photo / NZPA

New Zealand shares rose, joining a global advance in equity markets on optimism world growth is reviving. Exporting manufacturers Fisher & Paykel Appliances and Methven led gainers even as the kiwi dollar climbed.

The NZX-50 index rose 12.85 points, or 0.4 per cent, to 3314.64, the highest close since mid-November. Turnover was $96.8 million, marking it as one of the busiest days this year.

Equity markets rose across Asia, with Japan's Nikkei 225 Index up 0.9 per cent in early afternoon trading and Australia's S&P/ASX 200 Index up about 1 per cent.

That follows gains in Europe and on Wall St after figures showed stronger manufacturing in the US, China and Germany.

Whiteware manufacturer F&P Appliances rose 8.6 per cent to 38c. Methven, a designer and maker of tapware, rose 4.8 per cent to $1.10. Skellerup, which makes rubber goods and milking equipment, rose 3.7 per cent to $1.41.

Fisher & Paykel Healthcare, which gets more than 50 per cent of sales in US dollars, fell 0.9 per cent to $2.12 as the kiwi dollar climbed to a five-month high against the greenback.

Briscoe Group rose 5.6 per cent to $1.50, a level it last reached in June last year, after the homewares and sporting goods retailer posted a 4.7 per cent gain in fourth-quarter sales and said a strong finish to the year drove annual profit up at least 25 per cent.

Children's clothing chain Pumpkin Patch fell 1.3 per cent to 79c, the biggest decline on the NZX 50 yesterday. Clothing retailer Hallenstein Glasson fell 0.8 per cent to $3.65. The Warehouse, the biggest retailer on the NZX 50, gained 0.7 per cent to $3.05.

Xero, the cloud-based accounting platform provider, rose 2.7 per cent to $3.02 after announcing it had raised $20 million in a placement to its high-profile major shareholders including Trade Me founder Sam Morgan at $2.72 a share. It plans to offer shares to smaller investors at the same price this month.

Fletcher Building, fell 0.2 per cent to $6.43. Telecom rose 0.2 per cent to $2.16.