NZ stocks led up by Telecom

05:51, Jul 18 2012

The New Zealand share market rose slightly today, buoyed by strong trading in heavyweight Telecom although leads from offshore were negative.

The NZX50 index was up 0.15 per cent or 5.19 points to 3474.05. Within the index, 19 stocks rose, 19 fell and 12 were unchanged.

First NZ Capital head of institutional equities James Lee said the New Zealand share market suffered today, and that US Federal Reserve chairman Ben Bernanke's address with mixed signals about quantitative easing had limited effect.

"The market felt poor. It was weaker today following weaker resource stocks in Australia. Rio Tinto was down 3.1 per cent [to AU$52.77] and BHP Billiton was down 1.7  per cent [to AU$30.26]," he said.

"Those are two of their biggest resource sector stocks so that led their market lower and has taken our market with it.

"We also followed regional sentiment, Hong Kong was down 0.9 per cent,'' Lee said.


"If it wasn't for Telecom closing strong and bucking the trend, our market would have been down too."

The market heavyweight rose 2.2 per cent to $2.52.

Nuplex Industries, the chemicals and resins manufacturer led the gainers with a 2.4 per cent rise to $2.55.

Children's clothing chain Pumpkin Patch rose 2.3 per cent to 90c.

Mainfreight, the international trucking and logistics company, rose 1.7 per cent to $9.36.

Markets operator NZX Limited rose 1.7 per cent to $1.33.

Insurer Tower rose 1.2 per cent to $1.66.

Air New Zealand rose 1.1 per cent to 89c.

Leading the decliners was OceanaGold, which dropped 6.8 per cent to $2.33.


Yesterday's big gainers, Xero and Diligent, also had sizeable declines.

Xero fell 2.6 per cent to $5.55.

Diligent Board Member Services was down 1 per cent to $3.96.

Australian food ingredient maker Goodman Fielder was down 2.9 per cent to 66c.

Australian wealth manager AMP was down 1.8 per cent to $4.97.

Kiwi Income Property Trust fell 1.4 per cent to $1.007.

Auckland International Airport was down 1.2 per cent to $2.48.


Fisher & Paykel Appliances, the whiteware manufacturer and exporter, fell 0.9 per cent to 56c.

Rubber goods and milking equipment manufacturer Skellerup Holdings fell 0.7 per cent to $1.43.