NZ stocks: NZSX-50 hits all-time high for third time in week

The sharemarket turned in a solid performance today when the benchmark NZSX-50 pushed to a fresh all-time high for the third time this week.

At 5pm, the NZSX-50 was up 20.9 points at 2260.87, while the NZSX-40 capital index was up 13.5 points at 2167.11.

On Monday, the NZSX-50 closed at 2231.74 followed by 2240.02 on Thursday. The index charts back nine months to October 18, 2002.

ASB Securities broker Andrew Kelleher said the New Zealand Exchange's top ten stocks were solid and continued to do well.

The market saw $135.7 million worth of shares traded on volume of 38.3 million. Among the 149 stocks traded were 57 rises and 40 falls.

"Over the week the market's performed and managed to hold on to its gains," Mr Kelleher told NZPA.

"I think it's part of the general global well-being of equity markets."

Trading was dominated by market heavy weight Telecom, which closed up 14c at 517, trading $46.6 million worth on volume of nine million.

The Commerce Commission yesterday released a draft report recommending Telecom be compelled to open its "local loop" to competitors to fuel competition in the broadband market.

Telecom's shares sold off a little on the news but firmed on good volume this morning.

"In other countries the effect of unbundling on the dominant player has not been that large," Mr Kelleher said.

"Studies have shown that it does not hit the bottom line over time too badly.

"Potentially it's more of a sentiment issue and that's probably reflected in the share price today."

BHP Billiton traded $29.4 million worth on volume of 2.4 million.

Auckland International Airport was another stand-out performer and closed on an all-time high, up 16c at 676, after yesterday reconfirming a 30 per cent increase in passenger numbers over the summer season.

Contact Energy shares closed down 2c at 476 after it was yesterday given the green light to operate its Clutha River hydro-electric scheme for another 35 years.

Overseas, Wall St stocks rallied overnight after a batch of positive economic indicators reinforced optimism that an economic recovery is well under way.

Britain's biggest shares rose, boosted by the encouraging US economic data and the Wall St rally, but weak oil stocks and caution over future UK consumer spending tempered the gains.

Japan's Nikkei stock average closed above 11,000 for the first time in 15 months, spurred higher by computer giant Fujitsu's late-day rally on news it had sealed a big rise in the value of its contract with the British government.

On NZX, shares on the rise included: AMP up 10c at 760, Carter Holt Harvey up 1c at 175, Ports of Auckland up 6c at 811, Restaurant Brands up 2c at 128, Baycorp up 6c at 272, Promina up 19c at 355, TrustPower up 4c at 491, and The Warehouse up 2c at 536.


Among those on the slide were: Fletcher Challenge Forests down 3c at 122, Fisher & Paykel Appliances down 7c at 1479, Lion Nathan down 9c at 605, Sky City Entertainment down 1c at 870, Air New Zealand down 1c at 51, and F&P Healthcare down 5c at 1260.

- NZPA