NZX up, markets focus on Fonterra

JAZIAL CROSSLEY
Last updated 17:57 26/11/2012

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The New Zealand share market rose slightly today, with markets focusing attention on Fonterra as final pricing for the shareholders fund is due tomorrow.

The NZX50 index rose 0.9 per cent or 3.69 points to 4012.02. Within the index, 19 stocks rose, 17 fell and 14 were unchanged.

BT Funds Management portfolio manager Matthew Goodson said that despite a strong global lead from the Friday night session, New Zealand markets were barely changed.

"One of the interesting stocks today was Fletcher Building, it have been extremely strong of late but today consolidated to finish at $7.97 [down 0.25 per cent]. Significant interest in the company has given strong implied guidance for the second half of the current year," Goodson said.

"The market is very focused on Fonterra with their institutional book build occurring today and tomorrow. I'm sure the market as a whole was preoccupied with that."

The leading gainer was PGG Wrightson, up 6.1 per cent to 35c. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 2.6 per cent to $2.50. Auckland electricity and gas supplier Vector rose 1.9 per cent to $2.66.

Contact Energy was up 1.4 per cent to $5.15. Australian food ingredient company Goodman Fielder rose 1.25 per cent to 81c. Chorus was up 1.2 per cent to $3.34. Steel & Tube Holdings rose 0.9 per cent to $2.23.

Property For Industry fell 2.4 per cent to $1.22. OceanaGold was down 2.3 per cent to $4.25. Casino and hotel operator SkyCity Entertainment fell 1.3 per cent to $3.74. Carpet maker Cavalier was down 1.2 per cent to $1.71.

Goodman Property Trust fell 1 per cent to $1.02. Guinness Peat Group declined 0.85 per cent to 59c. Diligent Board Member Services fell 0.85 per cent to $4.66. New Zealand Oil & Gas was down 0.6 per cent to 87c. Telecom fell 0.4 per cent to $2.35.

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