NZ stocks: Contact, Mainfreight lead

The New Zealand sharemarket rose today with Contact Energy and Mainfreight the standout performers.

Shares in healthcare investor and operator Abano fell 10c to 530 after the company said it was expecting second half earnings to be softer than planned.

The NZX-50 index rose 18.345 points, or 0.565 per cent, to 3267.993, reversing a weak opening. Turnover was worth $105.8 million, of which $22.3m was in Telecom shares. There were 41 rises and 30 falls among the 117 stocks traded.

Australian shares slipped on weaker than expected retail sales data, while Asian markets were mixed on concerns stock may be becoming overvalued.

Mainfreight rose 9c to 634 on a day in which the Government said trucks will be permitted to carry up to 53 tonnes from May 1. The current limit is 44 tonnes.

"People are getting more comfortable that the recovery is taking place and Mainfreight will be a direct beneficiary of that," said James Lee, head of wholesale equities at First NZ Capital.

Contact Energy rose 22c to 640. Brokers said it was difficult to read anything into today's quiet market at month-end and ahead of a holiday weekend.

Telecom was up 1c at 217 and Fletcher Building was unchanged at 835. SkyCity rose 2c to 322 on a day in which Standard & Poor's raised the outlook on its credit rating.

Hellaby fell 4c to 161 and The Warehouse fell 3c to 375.

NZ Refining rose 4c to 399, SkyTV rose 2c to 534 and Michael Hill rose 2c to 70.

Goodman Property Trust fell 1c to 100 after saying it has recorded a $28.4m devaluation in its property portfolio in the six months ended March 31.

Sealegs fell 2c to 19 and Blis Technologies fell 0.8c to 9.7. South Port rose 30c to 285 and Rubicon rose 4c to 94. Renaissance Corp rose 2c to 28.

In the United States, stocks rose in a slow session on data showing more stabilisation in the economy, while Apple rallied on a report that it was developing a new iPhone.

Apple's stock hit an all-time record closing high, after the Wall Street Journal reported that the company was developing a new iPhone to work on Verizon Communications' mobile network.

A stronger-than-expected report on consumer confidence lent some support to consumer-oriented companies.

The Dow Jones industrial average edged up 0.1 per cent to end at 10,907.42, the Standard & Poor's 500 Index added just 0.05 of a point to 1173.27, and the Nasdaq Composite Index rose 0.3 per cent to close at 2410.69.

- NZPA