NZ stocks up as Australia advances

JAZIAL CROSSLEY
Last updated 17:25 07/06/2012

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The New Zealand share market rose, following strength across the Tasman in the wake of stronger employment numbers today and positive GDP data yesterday.

That came after overnight strength at expectations of further quantitative easing in the United States.

New employment data showed an extra 46,000 Australians were in full time work last month and the GDP data yesterday showed a 1.3 per cent rise for the first quarter. The Australian dollar hit a three week high and the benchmark S&P/ASX200 index was up 1.3 per cent or 54 points at 5pm.

The NZX50 index was up 0.3 per cent or 9.44 points to 3473.95. Within the index 24 stocks rose, 19 fell and seven were unchanged.

Craigs Investment Partners adviser Greg Easton said there was positive sentiment in the market from the strength across the Tasman.

"The Aussie banks ANZ and Westpac had a really good day on the back of those GDP numbers that surprised everyone," Easton said.

"There was positive sentiment in the market. There is still no relief in sight for interest rates so people are feeling more comfortable with equity."

ANZ rose 2.4 per cent to $28.18. Westpac was up 2.8 per cent to $26.85.

Children's' clothing chain Pumpkin Patch led the gainers with a 3.45 rise to 90c. Would-be bank Heartland was up 2.1 per cent to 49c.

Jewellery retailer Michael Hill was up 2 per cent to $1.04. OceanaGold was up 1.8 per cent to $2.82. Casino and hotels operator SkyCity Entertainment was up 1.7 per cent to $3.56.

Vital Healthcare Property Trust rose 1.7 per cent to $1.21. DNZ Property Fund was up 1.4 per cent to $1.45. Carpet maker Cavalier rose 1.3 per cent to $1.55.

Construction materials supplier Steel & Tube Holdings led the declining stocks with a 5.5 per cent fall to $2.06. Rural services company PGG Wrightson was down 3.2 per cent to 30c. Retailer The Warehouse was down 2.3 per cent to $2.51.

Port of Tauranga fell 2.3 per cent to $10.80. Restaurant Brands, the operator of KFC and Pizza Hutt fast food chains, fell 1.9 per cent to $2.10. Chorus was down 1.8 per cent to $3.20. Air New Zealand fell 1.7 per cent to 86c.

Rakon, the maker of crystal timing devices used in technology, fell 2 per cent to 48c. Argosy Property Trust fell 1.7 per cent to 86c. Kiwi Income Property Trust fell 0.9 per cent to $1.06.

Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was down 0.9 per cent to $2.10. Infratil, the infrastructure investment company, fell 1.2 per cent to $1.99.

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- BusinessDay.co.nz

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