Stocks rise as investors buoyed

JAZIAL CROSSLEY
Last updated 17:47 17/09/2012

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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.

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- BusinessDay.co.nz

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