NZX50 index reaches new highs

JAZIAL CROSSLEY
Last updated 17:42 16/10/2012

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The New Zealand sharemarket hit a new four-year high today as investors continue to turn to equities to find returns, with interest rates low elsewhere.

The NZX50 index was up 0.6 per cent or 24.33 points to 3940.06. Within the index, 28 stocks rose, 14 fell and eight were unchanged.

Hamilton Hindin Greene director Grant Williamson said it was another good day for the local market, continuing its recent strong run to another new high.

"We continue to see extremely good buying in high yielding stocks and blue chip stocks. Fletcher Building was up 2.2 per cent to $7.52. Chorus rose 2.1 per cent to $3.43 and Sky City Entertainment came in for some good buying, up 1.6 per cent to $3.82," Williamson said.

"The market has had a very positive tone. There does appear to be money coming in from a number of sources really pushing demand for stocks, institutional investors via KiwiSaver schemes and a reasonable number of retail clients switching from low interest-bearing bank deposits."

Outdoor clothing and equipment company Kathmandu rose 3.3 per cent to $1.89, leading the gaining stocks. Retailer The Warehouse was up 3.2 per cent to $3.20. Australian wealth manger AMP was up 2.3 per cent to $5.73.

Insurer Tower rose 2.25 per cent to $1.82. Restaurant Brands, the company behind the KFC and Pizza Hut fast food chains, rose 2.1 per cent to $2.42.

New Zealand Refining rose 1.8 per cent to $2.85. Port of Tauranga was up 1.7 per cent to $12.75. Trade Me Group shares rose 1.2 per cent to $4.14. Rubber goods and milking equipment manufacturer Skellerup rose 1.2 per cent to $1.69.

Rural services company PGG Wrightson led the declining stocks with a 2.8 per cent fall to 35c. Nuplex Industries, the chemicals and resins maker, was down 1.9 per cent to $3.06.

Auckland electricity and gas supplier Vector fell 1.4 per cent to $2.82. Freightways was down 1.1 per cent to $4.32. Jewellery retailer Michael Hill International fell 0.85 per cent to $1.16.

Children's clothing chain Pumpkin Patch was down 0.8 per cent to $1.20. Hallenstein Glasson Holdings fell 0.6 per cent to $4.82. EBOS Group was down 0.6 per cent to $8.28. Precinct Properties, previously AMP NZ Office, was down 0.5 per cent to $1.00. 

"One announcement we did see was a quarterly report from Diligent Board Member Services once again showing extremely good sales growth [up 145 per cent to US$11.8m for the September quarter]. The IT company is continuing to growing their top line," Williamson said.

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