NZX rose on F&P strength

06:05, Sep 10 2012

The New Zealand sharemarket rose today as whiteware manufacturer and exporter Fisher & Paykel Appliances experienced significant gains at talk of a takeover bid from Chinese shareholder Haier.

The NZX50 index rose 0.12 per cent or 4.72 points to 3726.90. Within the index, 20 stocks rose, 26 fell and four were unchanged.

Hamilton Hindin Greene client advisor James Smalley said the big news on the day was Fisher and Paykel Appliances, rising 29.3 per cent to 97c.

"There has been no formal dollar value put on it but investors are picking any takeover would be at a substantial premium. Very good volumes have been through the stock," Smalley said.

"Elsewhere on the market, what's holding it back from larger gains is weakness in Telecom today [which fell 1.6 per cent to $2.44], there was no real reason for the move. On the positive side one of the bigger movers was Heartland back at highs it hadn't touched since April this year."

Heartland rose 5.3 per cent to 60c. PGG Wrightson, the rural services company, was up 5.9 per cent to 36c. New Zealand Refining rose 4 per cent to $2.85.

New Zealand Oil & Gas was up 3.4 per cent to 92c. Nuplex, the industrial chemicals and resins manufacturer, was up 3 per cent to $3.08. Jewellery retailer Michael Hill International rose 2.7 per cent to $1.15.

Carpet maker Cavalier gained 2.3 per cent to $1.79. OceanaGold lifted 1.5 per cent to $3.46. Insurer Tower rose 1.1 per cent to $1.82. Fletcher Building rose 0.8 per cent to $6.55.

Australian food ingredient maker Goodman Fielder led the declining stocks with a 3 per cent fall to 65c.

Children's clothing chain Pumpkin Patch was down 2.5 per cent to $1.16. Australian wealth manager AMP fell 1.75 per cent to $5.60. Ebos Group was down 1.7 per cent to $8.16.

Telecom was down 1.6 per cent to $2.44. Xero fell 1.4 per cent to $4.92. Rubber goods and milking equipment manufacturer Skellerup fell 1.2 per cent to $1.66. Trade Me Group was down 1.2 per cent to $4.00.

Property stocks suffered with AMP NZ Office down 1 per cent to 98c. Kiwi Income Property Trust fell 0.9 per cent to $1.12. DNZ Property Fund was down 0.6 per cent to $1.55. Goodman Property Trust fell 0.5 per cent to $1.02. Argosy Property fell 2.8 per cent to 87c.