NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies

<i>NZ stocks:</i> Bargain hunters boost market

9 Aug, 2007 06:40 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

KEY POINTS:

The sharemarket surged 1 per cent as buyers snapped up stocks sold down yesterday, encouraged by smoother sailing in overseas markets.

The NZSX-50 index closed up 43.58 points at 4160.43, on turnover totalling $150.4 million. Rises outnumbered falls 54 to 39.

"Bargain hunters have come back into the
market today, and that seems to be in reaction to the volatility reducing a wee bit overseas, the Dow Jones has had two good nights in a row," said Hamilton Hindin Greene partner Grant Williamson.

Fletcher Building rose 29c to 1247, having lost 42c yesterday after reporting a record profit but signalling flattish trading ahead.

"I think the analysts have done their work on that result overnight, and have pretty much given it a tick that it's actually a good result in challenging conditions," Mr Williamson said.

Top stock Telecom was flat at 434 after announcing it had opened two Auckland exchanges to rivals ihug and Orcon for trials today.

"Still the threat of regulation there, and still selling pressure following their disappointing guidance," Mr Williamson said.

Contact Energy rose 4c to 944, while weakness in the New Zealand dollar overnight helped the Fisher & Paykel stocks recover from falls yesterday. F&P Appliances was up 2c at 350, and F&P Healthcare rose 11c to 350.

Takeover target Auckland Airport was up 6c at 316, having tumbled from 350 in July as doubts emerged about Dubai Aerospace Enterprise's bid for control.

"The potential for corporate activity has not gone away, but it has probably diminished slightly following the credit concerns overseas, private equity are going to struggle to raise cheap capital like they have in the past," Mr Williamson said.

Casino operator Sky City was up a cent at 467, while Sky TV jumped 19c to 565 in reaction to a broker report recommending the stock as a "buy".

Hallenstein Glasson rose 14c to 475, to build on yesterday's 16c rally.

Infratil, under pressure recently due to a proposed $175m capital raising, was up 6c at 304, while Port of Tauranga lost 2c to 688. Air New Zealand lost 6c to 253, NZX rose 20c to 1030, PGG Wrightson rose 3c to 185, and Mainfreight was up 5c at 755.

The Warehouse rose 6c to 625, Steel & Tube was also up 6c, at 475, and Tower rose 4c to 226.

Small cap investment company Salvus rose 4 per cent, or 4c, to 99 after turning to a $7.7 million annual net profit from a loss of $425,000.

Among dual-listed stocks, ANZ was up 15c at 3240, Westpac rose 52c to 2974, Goodman Fielder rose 8c to 280, and Lion Nathan was flat at 950. Telstra shed 22c to 508 after posting a 2.9 per cent rise in annual profit but forecasting a cautious outlook for the current year.

Australia's benchmark S&P/ASX 200 Index was up 0.8 per cent at 6149, while Japan's Nikkei average was up 0.9 per cent.

Earlier in the US, stocks rose for a third session, a day after the Federal Reserve reassured investors about the economy and technology bellwether Cisco, raised its revenue outlook.

- NZPA

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.
Save

    Share this article

Latest from Companies

Premium
Property

British, Asian, Kiwis inquire about buying Cardrona Hotel

09 Jul 05:00 AM
Employment

'Unrelenting': Unions tell Supreme Court Uber imposes 'intensive' control over drivers

09 Jul 04:53 AM
Premium
Airlines

Qantas cyber attack hackers net 10,000 meal preferences, 1.3 million addresses

09 Jul 04:50 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Companies

Premium
British, Asian, Kiwis inquire about buying Cardrona Hotel

British, Asian, Kiwis inquire about buying Cardrona Hotel

09 Jul 05:00 AM

The Queenstown Lakes District Council values the main site of land and buildings at $5.4m.

'Unrelenting': Unions tell Supreme Court Uber imposes 'intensive' control over drivers

'Unrelenting': Unions tell Supreme Court Uber imposes 'intensive' control over drivers

09 Jul 04:53 AM
Premium
Qantas cyber attack hackers net 10,000 meal preferences, 1.3 million addresses

Qantas cyber attack hackers net 10,000 meal preferences, 1.3 million addresses

09 Jul 04:50 AM
Premium
Union explains support for pilot sacked over Covid-19 vaccine

Union explains support for pilot sacked over Covid-19 vaccine

09 Jul 01:27 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP