The New Zealand sharemarket opened the week on a strong note after the declines seen late last week, climbing back above the 4000-point mark again on the main bourse.
The NZX50 index recently traded up 0.4 per cent or 16.09 points to 4004.25. Within the index, 26 stocks rose, 15 fell and nine were unchanged.
Hamilton Hindin Greene director Grant Williamson said the local market missed the weakness in global equities yesterday as New Zealand had its Labour Day public holiday.
"In the local market we are continuing to see retail investors putting money in the market to improve returns with low interest rates, there are little signs of that stopping," Williamson said.
"The NZX Limited stocks, up 3.25 per cent to $1.27, are also coming in for some very good buying, up to levels it was at before its recent profit downgrade. Obviously the delays to the sale of state owned enterprises is not having any effect on interest in the NZX Limited shares at the moment."
Retailer The Warehouse Group led the gaining stocks with a 4.2 per cent rise to $3.25. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 2.5 per cent to $2.43.
Pay TV operator Sky Network Television rose 2.3 per cent to $5.24. TrustPower was up 2.2 per cent to $8.70. Freightways rose 2.1 per cent to $4.43. Australian food ingredient maker Goodman Fielder rose 1.5 per cent to 69c.
Auckland electricity and gas supplier Vector rose 1.4 per cent to $2.90. Rubber goods and milking equipment manufacturer Skellerup rose 1.2 per cent to $1.74. Auckland International Airport was up 1.1 per cent to $2.70.
Diligent Board Member Services led the declining stocks with a 3.45 per cent fall to $3.64. Rural services company PGG Wrightson was down 2.8 per cent to 35c. SkyCity Entertainment, the casino and hotels operator, was down 1.75 per cent to $3.92.
New Zealand Oil and Gas was down 1.7 per cent to 87c. Property For Industry fell 1.2 per cent to $1.21 while Argosy Property fell 1.1 per cent to 91c.
Investment holdings company Guinness Peat Group was down 0.9 per cent to 56c. Jewellery retailer Michael Hill International was down 0.8 per cent to $1.18. National carrier Air New Zealand fell 0.8 per cent to $1.24.
- © Fairfax NZ News
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