NZX up on strong trading

JAZIAL CROSSLEY
Last updated 17:47 22/11/2012

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The New Zealand sharemarket was up today with strong trading on decent volumes.

The NZX50 index rose 0.65 per cent or 25.98 points to 3997.21. Within the index, 31 stocks rose, 11 were unchanged and eight fell. 

Goldman Sachs JB Were institutional broker Peter Sigley said that Fisher & Paykel Healthcare, the breathing masks and respirators maker, rose significantly after its strong earnings result was released this morning. It was up 2.05 per cent to $2.49 after saying half year profit rose 18 per cent. 

"It beat what the market expected quite well and increased its guidance range quite considerably," Sigley said.

"The second highlight was Goodman Fielder, up 6.6 per cent to 81c, which had an AGM update today where they provided some comments to the market around their cost saving strategies.

"Fletcher Building continued to kick on post its AGM two days ago. The market took a lot of encouragement that it is very well placed for recovery. It rose 1.4 [per cent] to $7.82," he said.

"Property For Industry also had its AGM, saying it was active in its portfolio, recycling capital. It rose 0.4 per cent to $1.22."

Rural services company PGG Wrightson was up 3.1 per cent to 33c. Diligent Board Member Services rose 3 per cent to $4.74. Clothing retailer Hallenstein Glassons rose 1.9 per cent to $5.25. 

Trade Me rose 1.65 per cent to $4.30. Jewellery retailer Michael Hill was up 1.6 per cent to $1.24. Chorus rose 1.6 per cent to $3.25. Port of Tauranga was up 1.1 per cent to $13.15. Insurer Tower rose 1.1 per cent to $1.90.

Childrens clothing retailer Pumpkin Patch was down 2.4 per cent to $1.21. SkyCity Entertainment Group, the casino and hotel operator, fell 0.8 per cent to $3.77. 

Vector fell 0.75 per cent to $3.65. Retailer The Warehouse fell 0.6 per cent to $3.15. Rubber goods and milking equipment manufacturer Skellerup was down 0.6 per cent to $1.59. 

Argosy Property fell 0.5 per cent to 92c. Auckland International Airport fell 0.4 per cent to $2.66. Restaurant Brands was down 0.4 per cent to $2.62.

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- BusinessDay.co.nz

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