NZX50 up on Fletcher rise
The New Zealand sharemarket rose today as market heavyweight Fletcher Building shot up to its highest level in more than a year following strong earnings guidance confirmed at its annual general meeting.
The NZX50 index rose 1 per cent or 28.715 points to 3971.32. Within the index, 25 stocks rose, 11 fell and 14 were unchanged.
Hamilton Hindin Greene director Grant Williamson said strong improvements in the American equities market also helped positive sentiment on international markets.
"Locally, there was a very good performance from Fletcher Building following its guidance [confirming earlier guidance that operating profits would lift 22 per cent]. That surprised some investors on the up side and the stock rose to its highest level we have seen since October 2011, up 3.7 to $7.65."
Australian food ingredient maker Goodman Fielder led the gaining stocks with a rise of 4.2 per cent to 74c. Rural services company PGG Wrightson rose 2.45 per cent to $4.18.
Diligent Board Member Services rose 2.3 per cent to $4.48. Xero was up 1.8 per cent to $6.10. OceanaGold rose 2.45 per cent to $4.18.
Hallenstein Glasson Holdings, the clothing retailer, was up 1.7 per cent to $5.25. Would-be bank Heartland rose 1.5 per cent to 68c. Casino and hotel operator SkyCity Entertainment was up 1.1 per cent to $3.79.
International trucking and logistics company Mainfreight was up 0.9 per cent to $10.80. Steel & Tube Holdings rose 0.9 per cent to $2.21. Infratil was up 0.9 per cent to $2.25.
New Zealand Oil & Gas fell 1.1 per cent to 87c, leading the declining stocks. Outdoor clothing and equipment company Kathmandu Holdings was down 1.1 per cent to $1.85.
Retailer The Warehouse Group fell 0.9 per cent to $3.17. Jewellery retailer Michael Hill International fell 0.8 per cent to $1.23. Insurer Tower was down 0.5 per cent to $1.87.
Precinct Properties was down 0.5 per cent to $1.01. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was down 0.4 per cent to $2.44. Contact Energy fell 0.4 per cent to $5.12.
Chorus was down 0.3 per cent to $3.22. Ryman Healthcare fell 0.2 per cent to $4.10. Port of Tauranga was down 0.1 per cent to $13.09.
Children's clothing chain Pumpkin Patch was unchanged at $1.25 after its annual general meeting, where it did not provide any earnings guidance, and said it was looking at expanding online sales.