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Home / Business / Personal Finance

<i>NZ stocks:</i> Corporate activity boosts market

By Melanie Carroll
12 Oct, 2006 06:25 AM2 mins to read

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A flurry of corporate activity, including an A$8 billion bid for insurer Promina, helped plump up the New Zealand sharemarket despite Telecom's weak showing.

The NZX-50 index closed up 8.75 points, or 0.2 per cent, at 3622.99 on turnover valued at $162 million. Telecom fell 4c to 415.

"There's just
generally been some reasonably good flow across the market again," said UBS managing director Campbell Stuart.

"Yesterday there was obviously very good government surpluses, which I suppose would have caught people's eye in terms of what sort of money they've got to prime the economy with," he said.

Government accounts yesterday showed a record $11.5 billion annual surplus, although $1.8 billion was due to a change in accounting.

Promina shares shot up 142c to a high of 878 on news Queensland insurer, Suncorp-Metway, had made a A$7.7 billion ($8.8 billion) buyout proposal, to improve its position in a highly competitive market.

The shares closed up 84c, or 11 per cent, at 820, while fellow financial services stock Tower rose 9c, or 2.7 per cent, to 346.

"You've got action in Suncorp/Promina, and I suppose that spilled over to people thinking Tower would be attractive. I think the M&A activity has just reprompted people to get involved," Mr Stuart said.

Port of Tauranga shares jumped a further 10c to close at 612 on heavy turnover, having earlier touched a record high of 625, on news it is in talks about a possible merger with Ports of Auckland.

The talks were sparked by shipping giant Maersk, which has yet to decide between Tauranga or Auckland for key services.

Fast food operator Restaurant Brands fell 2c to 98 on a half year profit at the top end of expectations, which had not been high. Profit fell 49 per cent, excluding non-trading items, and it sliced its interim dividend.

Fletcher Building rose a further 12c to a three-month high of 887.

"We've been saying for some time we think it's still a reasonable story. The company's done a good job about marketing. Also globally home builders have bounced a little bit over the last week or so," Mr Stuart said.

Elsewhere on the market, carpet maker Cavalier rose 8c to 353, Fisher & Paykel Healthcare lost 10c to 400, Infratil lost 1c to 425, Steel and Tube gained 10c to 480, and The Warehouse was steady at 652.

- NZPA

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