NZ stocks continue strong run

Last updated 17:47 17/10/2012

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The New Zealand sharemarket rose today as equities continue to find favour with investors seeking yield. In a low interest rate market, they have become more attractive than ever.

The NZX50 index was up 0.6 per cent or 24.48 points to 3965.18. Within the index, 39 stocks rose, seven fell and four were unchanged.

OceanaGold led the gainers with a 5.3 per cent rise to $4.39. Mainfreight, the international trucking and logistics company, was up 2.8 per cent to $10.90. Nuplex Industries, the chemicals and resins maker, rose 2.6 per cent to $3.14.

Children's clothing chain Pumpkin Patch was up 2.5 per cent to $1.23. Restaurant brands, the operator behind KFC and Pizza Hutt, was up 2.5 per cent to $2.48. Port of Tauranga rose 2.35 per cent to $13.05. SkyCity Entertainment, the casinos and hotels operator, rose 2.1 per cent to $3.90.

Chorus rose 2 per cent to $3.50. Freightways was up 1.85 per cent to $4.40. Markets operator NZX limited rose 1.7 per cent to $1.17 and Fisher & Paykel Healthcare, the breathing masks and respirators operator, was up 1.8 per cent to $2.30.

Jewellery retailer Michael Hill International rose 1.7 per cent to $1.18. Australian food ingredient maker Goodman Fielder rose 1.5 per cent to 69c.

New Zealand Refining led decliners with a 3.2 per cent fall to $2.76. Retailer The Warehouse Group was down 2.5 per cent to $3.12. Fletcher Building fell 2.3 per cent to $7.35, dragged down across the Tasman as property development giant Stocklands delivered bearish comments about the industry at a meeting.

Contact Energy fell 0.75 per cent to $5.31 after its annual general meeting today. Rubber goods and milking equipment manufacturer Skellerup was down 0.6 per cent to $1.68.

Carpet maker Cavalier rose 0.5 per cent to $1.94. Ryman Healthcare, the retirement villages operator and developer, was down 0.5 per cent to $4.10.

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