Stocks rise as investors buoyed

05:48, Sep 17 2012

The New Zealand sharemarket rose today with trading busy as investors were buoyed by news of quantitative easing in the United States and Chinese interest in local heavyweight Fisher & Paykel Appliances.

The NZX50 index was up 0.65 per cent or 24.88 points to 3817.23. Within the index, 26 stocks rose, 17 fell and 7 were unchanged.

Craigs Investment Partners adviser Greg Easton said Port of Tauranga closed at another record high, up 1.7 per cent to $12.87.

"The search for quality stocks goes on. Fisher & Paykel Appliances continued to march up to $1.19 [close to Haier's $1.20 a share takeover bid]. There's an expectation there will be a higher bid. Volumes have been quite impressive," Easton said.

"Ryman Healthcare rose to an all time high, up 2.2 per cent to $4.14. They have been doing a bit of a tour through asia to fund managers. Generally, investor sentiment is improving quickly with a lot of uncertainty cleared out of the way and a lack of bad news making people feel better."

OceanaGold was up 4.7 per cent to $3.82. Markets operator NZX Limited rose 3.6 per cent to $1.15. Rural services company PGG Wrightson rose 2.7 per cent to 38c.

TrustPower was up 2.6 per cent to $8.21. Breathing masks maker Fisher & Paykel Healthcare was up 2.2 per cent to $4.14. Fletcher Building rose 2.1 per cent to $6.94. Carpet maker Cavalier lifted 1.1 per cent to $1.84.

New Zealand Oil and Gas led the declining stocks with a 2.9 per cent fall to 84c. Michael Hill International was down 2.5 per cent to $1.16. Rubber goods and milking equipment company Skellerup Holdings was down 2.4 per cent to $1.65.

New Zealand Refining fell 1.7 per cent to $2.85. SkyCity Entertainment Group, the casino and hotel operator, was down 1.3 per cent to $3.88. Goodman Property Trust fell 1 per cent to $1.02 while Kiwi Income Property Trust sank 0.9 per cent to $1.12. Xero was down 0.8 per cent to $4.91.