NZX led up by F&P speculation

Last updated 17:45 11/09/2012

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The New Zealand sharemarket rose today as speculation continued about a takeover of whiteware manufacturer and exporter Fisher & Paykel Appliances by Chinese shareholder Haier.

The NZX50 index was up 0.5 per cent or 18.05 points to 3744.95. Within the index, 21 stocks rose, 17 fell and 12 were unchanged.

Hamilton Hindin Greene director Grant Williamson said the New Zealand market had a good performance today, bucking the trend overseas as some Asian markets weakened.

"The main focus again today was Fisher & Paykel as we wait to hear from Haier whether they intend to make an offer and at what price level it will be," Williamson said. The stock rose 7.2 per cent to $1.04 today.

"New Zealanders are showing they are more reluctant to give away companies and assets on a cheap level so it will be interesting to see what happens there."

Australian food ingredient maker Goodman Fielder rose 3.1 per cent to 67c. Telecom rose 2.7 per cent to $2.51. Children's clothing chain Pumpkin Patch was up 2.6 per cent to $1.19.

Chorus was up 1.2 per cent to $3.50. Argosy Property rose 1.15 per cent to 88c. Fletcher Building was up 1.1 per cent to $6.62.

Mainfreight, the international trucking and logistics company was up 1 per cent to $10.00. Infratil rose 0.95 per cent to $2.13. Pay TV operator Sky Network Television was up 0.6 per cent to $5.08.

New Zealand Oil & Gas led the declining stocks with a 2.2 per cent fall to 90c. Markets operator NZX Limited was down 1.8 per cent to $1.07. Jewellery retailer Michael Hill International fell 1.7 per cent to $1.13.

Clothing retailer Hallenstein Glasson Holdings was down 1.7 per cent to $4.55. Auckland International Airport fell 1.5 per cent to $2.58. Xero fell 1.2 per cent to $4.86.

Contact Energy was down 1.2 per cent to $4.97. Property For Industry fell 0.9 per cent to $1.15. Casino and hotels operator SkyCity Entertainment was down 0.8 per cent to $3.89.

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