NZX at strongest since 2008

05:44, Oct 05 2012

Recent investor confidence has pushed the New Zealand stock market's main bourse up to the highest level seen since early 2008.

The NZX50 index was up 0.6 per cent today or 22.86 points to 3904.85 - the first time it has broken above the 3900 level in more than four years. Within the index, 25 stocks rose, 17 fell and eight were unchanged.

Hamilton Hindin Greene director Grant Williamson said there was renewed investor confidence in equities markets.

"[Jewellery retailer] Michael Hill hit its highest level since 2008 at $1.23, rising 8.85 per cent after coming out with quarterly sales figures showing some very nice revenue growth [up 14 per cent] which they appear to be maintaining," Williamson said.

"Stocks connected with the building and construction sector in Australia are going for a nice run following the Reserve Bank of Auckland cutting interest rates this week. Fletcher Building was up 3 per cent to $7.47, the highest level they've been since September 2011."

Nuplex, the industrial chemicals and resins maker, rose 1.3 per cent to $3.17. OceanaGold was up 3.6 per cent to $4.07. Kathmandu Holdings, the outdoor clothing and equipment company, was up 2.3 per cent to $1.79.

National carrier Air New Zealand rose 1.6 per cent to $1.27. Would-be bank Heartland was up 1.45 per cent to 70c. New Zealand Refining rose 1.4 per cent to $2.86.

Auckland International Airport was up 1.4 per cent to $2.61. Ryman Healthcare, the retirement villages developer and operator, rose 1.2 per cent to $4.13. Pumpkin Patch was up 0.9 per cent to $1.16.

Retailer The Warehouse led declining stocks with a 2 per cent fall to $3.00. Sky Network Television, the pay TV operator, was down 1.6 per cent to $5.03. Goodman Fielder fell 1.5 per cent to 64c.

Fisher & Paykel Appliances was down 1.2 per cent to $1.24 after directors advised shareholders not to accept Chinese whiteware manufacturer Haier's offer of $1.20 as it was considered undervalue by an independent review.

Insurer Tower fell 1.1 per cent to $1.78. Carpet maker Cavalier fell 1 per cent to $1.95. Restaurant Brands, the operator behind fast food chains KFC and Pizza Hutt and coffee chain Starbucks, was down 0.9 per cent to $2.28.

Auckland electricity and gas company Vector fell 0.7 per cent to $2.84. New Zealand Oil & Gas was down 0.6 per cent to 84c. Skycity Entertainment, the casino and hotel operator, was down 0.5 per cent to $3.80.

Freightways fell 0.5 per cent to $4.28. Telecom was down 0.4 per cent to $2.38. Fisher & Paykel Healthcare, the maker of breathing masks and respirators was down 0.4 per cent to $2.26. Trade Me Group was down 0.2 per cent to $4.08.