NZX's positive start to week

JAZIAL CROSSLEY
Last updated 19:02 15/10/2012

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The New Zealand share market opened the week on a positive note today with trading up, although on light volumes.

The NZX50 index rose 0.5 per cent or 19.71 points to 3916.36. Within the index, 22 stocks rose, 18 fell and ten were unchanged.

Forsyth Barr broker David Price expected trading to remain light until after investors had seen comments from annual general meetings several listed companies were holding this week.

"Investors will be looking for whether there is any update to guidance companies have previously given. I hope most have adjusted to this market as the new normal and are no longer perpetually looking for the light of at the end of the tunnel," Price said.

"Otherwise, people continue to play our market from the view that there are still relatively good yields when you look at the alternatives. There is a lot of money floating around even after the Steel & Tube sell down."

Rural services company PGG Wrightson was up 2.9 per cent to 36c. Investment holdings company Guinness Peat Group was up 2.8 per cent to 55c. Telecom rose 2.4 per cent to $2.38.

International trucking and logistics firm Mainfreight rose 1.7 per cent to $10.63 while Freightways rose 0.9 per cent to $4.37.

Precinct Properties, previously AMP NZ Office, was up 0.9 per cent to $5.60. Goodman Property Trust rose 0.5 per cent to $1.03. DNZ Property Fund was up 0.4 per cent to $1.58 and Kiwi Income Property Trust was up 0.4 per cent to $1.15.

Restaurant Brands, the operator behind fast food chains KFC and Pizza Hutt, was up 0.85 per cent to $2.37. Insurer Tower rose 1.1 per cent to $1.78.

With the price of gold falling to a twelve and a half week low, OceanaGold fell 4.4 per cent to $4.11. Diligent Board Member Services was down 1.8 per cent to $3.81. New Zealand Refining fell 1.75 per cent to $2.80.

Vital healthcare Property Trust fell 1.2 per cent to $1.25. Clothing company Hallenstein Glasson Holdings was down 1 per cent to $4.85. Jewellery retailer Michael Hill International was down 0.85 per cent to $1.17.

Fisher & Paykel Appliances, the whiteware exporter and manufacturer, fell 0.8 per cent to $1.22. Rubber goods and milking equipment manufacturer Skellerup was down 0.6 per cent to $1.67.

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- © Fairfax NZ News

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