The New Zealand sharemarket closed strongly across the board yesterday, with a deal between Telecom's competitor Telstra Saturn and Sky TV providing late interest.
The NZSE-40 index ended up 19.26 points, or 0.91 of per cent, at 2125.50, with turnover worth $156.6 million.
Rising stocks outnumbered falls 53 to 39 among the
144 traded.
"It's been a good strong day with good volumes," Credit Suisse First Boston's David Price said.
No particular theme appeared to be driving the market, though people have money to reinvest as cheques arrive from the sale of Fletcher Paper to Norway's Norske Skog.
"There was a good, positive announcement for Sky TV," Mr Price said.
Telstra Saturn and the pay TV company announced an agreement to resell Sky's basic digital services an hour before the market shut.
Sky TV finished down 2c at 418.
Telstra Saturn's arch competitor Telecom has a prior arrangement with Sky TV but would not comment on the deal. Telecom this year bought a stake in INL, which owns almost half of Sky. It was suggested that was a move to get closer to Sky TV.
Telecom ended up 8c at 728 and INL was up 19c at 414. Mr Price said the two companies had made their gains before the Telstra Saturn deal.
"I would expect the INL price to soften up a bit from here and Sky will be reasonably well supported. It's another channel for them, it's great."
Fletcher Energy provided another highlight, closing up 16c at 715.
"Fletcher Energy is cheap as chips - that's all that comes down to," Mr Price said.
Tranz Rail, steady on 400, posted a $46.9 million net profit for the June year just after the market closed. That compared with expectations of $45 million.
Today, Carter Holt reports first quarter earnings and The Warehouse releases sales figures. Carters firmed 5c to 198 and The Warehouse 5c to 575.
Among the leaders, Contact Energy added 3c to 269, and Fisher and Paykel 10c to 725 while Air NZ was easier with its A and B shares off 1c at 178 and 231, respectively.
Baycorp pushed further ahead with a 19c rise to $12.30.
Wine company Montana, with brewer Lion Nathan ready to increase its stake from a fifth to just below a quarter, ended flat at 247. Lion shed 5c to 490.
Renaissance was up 3c at 70 after Tuesday's result.
- NZPA
