NZX stocks up in heavy trading

JAZIAL CROSSLEY
Last updated 18:07 06/09/2012

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The New Zealand sharemarket rose yesterday on heavy trading across the board.

The NZX50 index was up 0.65 per cent or 25.89 points to 3693.54.

Craigs Investment Partners adviser Greg Easton said the rising stocks outweighed falling ones quite significantly today.

Retailer Briscoe Group was strong after announcing sales revenue at is Rebel Sport, Briscoes and Living and Giving stores was up 5 per cent.

"Briscoe Group has managed its business really well, they have got the margins up to a nice level," Easton said.

Retailer The Warehouse is issuing its result tomorrow. Its stocks rose 0.7 per cent to $2.90 each today.

"The Warehouse is not promising a great result, with a decline in sales and profitablity expected but its outlook and commentary for the next financial year is of interest," Easton said.

Air New Zealand led the gaining stocks with a 3.2 per cent rise to $1.12. Infratil was up 2.4 per cent to $2.14. New Zealand Oil & Gas rose 2.3 per cent to 89c.

Would-be bank Heartland rose 1.8 per cent to 56c. Trade Me Group was up 1.8 per cent to $3.94. AMP NZ Office, the commercial property investor, was up 1.55 per cent to 99c while Goodman Property Trust rose 1.5 per cent to $1.02.

Australian wealth manager AMP was up 1.4 per cent to $5.63. Xero rose 1.4 per cent to $4.99. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 1.4 per cent to $2.18.

Clothing and outdoor equipment re茀tailer Kathmandu Holdings was down 4.3 per cent to $1.79. Carpet maker Cavalier fell 3.85 per cent to $1.75.

OceanaGold was down 1.8 per cent to $3.30. Auckland electricity and gas supplier Vector fell 1.1 per cent to $2.78. New Zealand Refining was down 0.7 per cent to $2.68. TrustPower fell 0.1 per cent to $7.84.

Comvita rose 2.7 per cent to $3.80 after findings its olive leaf extract could help overweight men avoid diabetes, but Easton pointed out the rise was only the result of two trades.

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- © Fairfax NZ News

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