NZ stocks up on euro strength

JAZIAL CROSSLEY
Last updated 18:00 02/07/2012

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The New Zealand sharemarket rose yesterday after markets were up globally at the news Europeans leaders would help troubled banks in the euro zone from rescue funds.

They agreed to form a banking supervisor to oversee all lending.

The NZX50 Index was up 1.2 per cent or 40.27 points to 3440.11. Within the index, 31 stocks rose, nine were down and ten were unchanged.

Craigs Investment Partners head dealer Bryon Burke said there was a generally positive tone in overseas markets, buoyed by noises of unity from European leaders.

"Stock prices moved higher throughout the day mainly due to the leading stocks Fletcher Building, Telecom and SkyCity. It certainly appears as though there was a little more overseas buying in our market in the leaders, which is no surprise given the positive lead we had from the overseas bourses," Burke said.

Fletcher Building was up 3.2 per cent to $6.06. Telecom rose 2.5 per cent to $2.45 and SkyCity, the casino and hotels operator, was up 2.35 per cent to $3..48.

"Trading is still fairly quiet with school holidays locally, which often make it quieter than normal. On the downside Pumpkin Patch was down 3.3 per cent to 88c and Michael Hill fell 2 per cent to 96c."

Carpet make Cavalier led the gainers with a 4.6 per cent rise to $1.59. Australian food ingredient maker Goodman Fielder was up 4.35 per cent to 72c.

Rural services company PGG Wrightson rose 3.45 per cent to 30c. Outdoor clothing and equipment company Kathmandu Holdings rose 2.4 per cent to $1.30.

As the price of gold rose on international commodities markets, Macraes and Reefton goldfields operator OceanaGold was up 3 per cent to $2.38.

Australian phone company Telstra was up 2.1 per cent to $4.80. Retailer The Warehouse Group rose 2 per cent to $2.55. Australian wealth manager AMP Limited was up 1.85 per cent to $4.95.

Clothing retailer Hallenstein Glasson Holdings rose 1.5 per cent to $4.06.

Retirement villages operator and developer Ryman Healthcare rose 0.9 per cent to $3.49. Freightways, the express package and information management company, was up 0.8 per cent to $3.83.

Markets operator NZX Limited rose 0.7 per cent to $2.16. International trucking and logistics company Mainfrieght rose 0.6 per cent to $9.65.

Would-be bank Heartland was down 1.9 per cent to 52c. Auckland electricity and gas supplier Vector fell 0.4 per cent to $2.67.

Investment holdings company Guinness Peat Group was down 1.1 per cent to 46c. Insurer Tower fell 0.6 per cent to $1.59. Auckland International Airport was down 0.4 per cent to $2.67.

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Some property stocks suffered with DNZ Property Fund down 1 per cent to $1.47 and Property for Industry down 0.4 per cent to $1.17.

- BusinessDay.co.nz

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