NZX up on strong results

JAZIAL CROSSLEY
Last updated 17:45 14/08/2012

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The New Zealand sharemarket rose today with moderate volumes traded, after positive profit results from Contact Energy and Australian food ingredient maker Goodman Fielder.

The NZX50 index was up 0.4 per cent or 14.86 points to 3609.83. Within the index, 26 stocks rose, 13 fell and 11 were unchanged.

Craigs Investment Partners adviser Greg Easton said what while trading was not particularly busy today it was positive. He said investors remained tentative.

Contact Energy was up 0.2 per cent to $4.86 after it announced profit was up 24 per cent to $190m for the year to June. Analysts had expected a strong result due to low hydro storage levels.

"We saw some early quite good gains for Contact Energy but it fizzled out. It was a good result, they benefited from a dry year. Their strategy of diversifying their assets and perhaps not being at mercy of elements so much is finally paying off," Easton said.

Goodman Fielder was up 4.8 per cent, leading the gaining stocks and closing at 65c a share. It reported a loss of A$146.9m, an improvement on last year's A$166.7m loss.

"Although it did write down more parts of the business, cash flows were very strong and it managed to reduce debt quite significantly. People realise that they still buy bread and milk so the business is not going anywhere."

Rubber goods and milking equipment manufacturer Skellerup rose 2.65 per cent to $1.55. Pay TV operator Sky Network Television rose 2.15 per cent to $5.23. Freightways rose 1.8 per cent to $3.98.

Australian phone company Telstra Corp was up 1.6 per cent to $4.96. Nuplex Industries rose 1.6 per cent to $2.61. Telecom rose 1.5 per cent to $2.75. Carpet maker Cavalier was up 1.2 per cent to $1.66.

Markets operator NZX led declining stocks with 0.9 per cent fall to $1.14. ANZ Bank was down 0.8 per cent to $30.70. Insurer Tower was down 0.6 per cent to $1.75.

Outdoor clothing and equipment company Kathmandu Holdings fell 0.6 per cent to $1.74. Trade Me was down 0.5 per cent to $3.86.

Fisher & Paykel Healthcare, the maker of breathing masks and respirators, fell 0.5 per cent to $1.92.

Property stocks suffered with AMP NZ Office down 0.5 per cent to 98c, Goodman Property Trust down 0.5 per cent to $1.01 and Kiwi Income Property Trust down 0.45 per cent to $1.01.

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- BusinessDay.co.nz

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