NZX up on strong earnings guidances

JAZIAL CROSSLEY
Last updated 17:53 03/09/2012

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The New Zealand sharemarket rose today as investors processed some of the strong guidance received during results season in recent weeks.

The NZX50 index was up 0.1 per cent or 2.35 points to 3669.03.

Within the index, 23 stocks rose, 17 fell and 10 were unchanged.

Childrens clothing chain Pumpkin Patch led the gaining stocks with a 9.1 per cent rise to $1.20 after a result that beat expectations and led to an upgraded earnings outlook. 

Australian food ingredient maker Goodman Fielder led decliners with a 4.5 per cent drop to 64c after announcing it planned to shut 18 factories in the coming years.

Hamilton Hindin Greene director Grant Williamson said the New Zealand market had a firmer day to kick off the week.''

Sky TV was little bit weaker on news the Commerce Commission probe was looking into its activities more - investors are just a little bit wary of that at this stage,'' Williamson said.

The stock fell 0.8 per cent to $5.02. ''Port of Tauranga rose to a new record high after its good result. [It was up 2.6 per cent to $12.32.] All in all there were certainly some pockets of good performance today.''

OceanaGold was up 6.3 per cent to $3.21.

Xero rose 3.3 per cent to $4.95.

Vector, the Auckland electricity and gas supplier, was up 2.6 per cent to $2.77.

New Zealand Oil & Gas was up 2.4 per cent to 86c.

Fisher & Paykel Appliances, the whiteware manufacturer and exporter, rose 2.1 per cent to 73c.

Freight ways was up 2 per cent to $4.08.

Investment holdings company Guinness Peat Group was down 3.9 per cent to 50c.

Rural services company PGG Wrightson fell 2.8 per cent to 35c.

Would-be bank Heartland was down 1. per cent to 54c.

DNZ Property Fund was down 1 per cent to $1.55 while Property For Industry fell 0.85 per cent to $1.17.

Air New Zealand fell 0.9 per cent to $1.08.

Australian wealth manager AMP fell 0.9 per cent to $5.70. 

Auckland International Airport was down 0.8 per cent to $2.58.

Williamson said investors were dispapointed at the news state owned asset partial sales were delayed.''But it hasn't come as being unexpected and the sales are still on the agenda so that's the main thing for investors.'' 

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- BusinessDay.co.nz

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