The New Zealand share market rose today, defying the negative sentiment from offshore equities markets as concerns heightened around Spanish bank debts and uncertainty continued to surround Greece.
The NZX50 index was up 0.2 per cent or 6.94 points to 3488.28. Within the index, 18 stocks rose, 20 fell and 12 were flat.
BT Funds Management portfolio manager Matthew Goodson said the New Zealand market was surprisingly robust given the moves in Europe.
"One of the things we've really seen today is a very sharp rally in bond markets in New Zealand and all around the world - 10-year bonds in New Zealand rallied 15 basis points to 3.45," Goodson said.
"Investors remain cautious, trading volumes have been thin all week. No one knows what's going to happen next in Europe.
"The sense is that what we've seen over the last year or two is the market will push and push until it gets a response out of the European Central Bank and there is a sense that's what's going on in Spain right now," he said.
Significant bad property debts at Spanish banks and Spanish Government debt loomed over the country with the question of how involved the European Central Bank would get still unanswered. Goodson said the size of a recapitalisation of the Spanish banks was probably beyond the ability of the Spanish government in itself to handle.
On the local index, technology component maker Rakon led the gainers with an 8.5 per cent rise to 51c. Would-be bank Heartland was up 4.2 per cent to 50c. Rural services company PGG Wrightson was up 3.1 per cent to 33c.
Auckland International Airport rose 2.6 per cent to $2.58. Children's clothing chain Pumpkin Patch was up 2.3 per cent to 88c. Trade Me Group rose 2 per cent to $4.07. Argosy Property Trust, which today reported the $6.9m sale of one of its buildings, rose 1.8 per cent to 87c.
Contact Energy was up 1.5 per cent to $4.88. Telecom rose 1.2 per cent to $2.58. Skycity Entertainment Group rose 1.1 per cent to $3.56.
Industrial chemicals and resins maker Nuplex was down 3.9 per cent to $2.20. New Zealand Refining dropped 3.7 per cent to $2.60. Outdoor clothing and equipment company Kathmandu Holdings rose 3.3 per cent to $1.45.
Breathing masks and respirators maker Fisher & Paykel Healthcare fell 3.3 per cent to $2.05. National carrier Air New Zealand was down 2.8 per cent to 87c. Freightways fell 2.55 per cent to $3.82.
Insurer Tower was down 2.45 per cent to $1.59. New Zealand Oil & Gas was down 2 per cent to 74c. Pay TV operator Sky Network Television was down 2 per cent to $4.95.
Retirement villages developer and operator Ryman Healthcare was down 1.8 per cent to $3.35. Retailer The Warehouse fell 1.2 per cent to $2.52. Auckland electricity and gas supplier Vector was down 1.1 per cent to $2.69.