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Markets up on overseas leads

JAZIAL CROSSLEY
Last updated 17:53 06/08/2012

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Finance and business diary Job-match website testing Kiwi waters Markets acting nervous as Fed officials convene Asian shares pinned near 5-month lows Aussie shares stage comeback Overvalued kiwi dollar 'a concern' Wall St closes lower on Fed concerns NZX falls in morning trade Sharp Air NZ share price slump under scrutiny NZX reappointed to world exchange body

The New Zealand sharemarket rose today, following the positive leads received on Friday as markets were buoyed by better than expected United States non-farm payroll employment data.

The NZX50 index was up 0.4 per cent or 15.20 points to 3563.20. Within the index, 26 stocks rose, nine fell and 15 were unchanged.

One Path New Zealand senior investment analyst Craig Brown said the local market followed on from a positive close in overseas markets on Friday night.

"That gave our markets pretty good support, helped by a strong performance in Australia and Asia. It was a good day in equities as well,

flowing through from some reasonable performances particularly in the leading stocks," Brown said.

"Property For Industry had a good solid result. Over the next few days there will be announcements from companies both here in New Zealand and Australia and that will drive markets with some more direction."

The industrial property investor announced its rental income was down 5.9 per cent to $14.7m for the six months to June, with distributable profit down 4.9 per cent to $7.6m. Its shares were unchanged at $1.16.

Rural services company PGG Wrightson led the gainers with a 3.2 per cent rise to 32c. Outdoor clothing and equipment company Kathmandu Holdings rose 2.6 per cent to $1.60.

Carpet maker Cavalier was up 2.5 per cent to $1.64. Investment holdings company Guinness Peat Group was up 2 per cent to 50c. OceanaGold rose 1.9 per cent to $2.65.

Insurer Tower was up 1.7 per cent to $1.77. Fletcher Building was up 1.6 per cent to $6.27.

"Fletcher continued to rally picking up on some improving macro data," Brown said.

"Fisher & Paykel Healthcare is down a bit, I suspect that's related to the kiwi being stronger which works against them." It fell 2.6 per cent to $1.89.

Clothing retailer Hallenstein Glassons fell 1.65 per cent to $4.18. Vital Healthcare Property Trust was down 1.6 per cent to $1.24.

Australian food ingredient maker Goodman Fielder fell 1.6 per cent to 63c. Retirement villages operator and developer Ryman Healthcare was down 1.4 per cent to $3.57.

Retailer The Warehouse Group fell 0.75 per cent to $2.65. Chorus was down 0.3 per cent to $3.07. Auckland International Airport fell 0.2 per cent to $2.50. 

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- BusinessDay.co.nz

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