NZX up as Fonterra trading strong

JAZIAL CROSSLEY
Last updated 18:45 30/11/2012

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The New Zealand share market rose today as investors traded heavily in dairy giant Fonterra which listed its Shareholder's Fund on the local bourse today.

The NZX50 index rose 0.7 per cent or 29.62 points to 4046.29. Within the index, 26 stocks rose, 11 fell and 13 were unchanged.

Hamilton Hindin Greene client advisor said trading today was dominated by the listing of the Fonterra Shareholder's Fund.

"It was an extremely successful listing. Those investors who were fortunate enough to pick up stock in that particular issue have done well, there was even money to be made today for investors who bought on the initial opening," Smalley said, adding that volumes of more than $160 million went through the stock, which was at $6.85 as the market closed.

"Heartland, up 2.9 per cent to 70c, had their AGM. They are applying for a banking license and that is ongoing but the company's own perspective they have done everything they can to get it awarded. Going from strength to strength is Xero, up 6.8 per cent to $6.88, a new all time high."

Infratil rose 2.9 per cent to $2.33. Rural services company PGG Wrightson rose 2.8 per cent to 37c. Fletcher Building was up 2.4 per cent to $8.00. Restaurant Brands, the operator of fast food chains KFC and Pizza Hut, was up 2.3 per cent to $2.70.

Industrial chemicals and resins maker Nuplex rose 2.1 per cent to $2.94. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 2 per cent to $2.56.

Clothing retailer Hallenstein Glassons was up 1.8 per cent to $5.08. Auckland International Airport rose 1.7 per cent to $2.68. Port of Tauranga rose 1.6 per cent to $13.23.

Carpet maker Cavalier led declining stocks with a 2.9 per cent fall to $1.70. Australian food ingredient maker Goodman Fielder was down 2.3 per cent to 84c. Telecom fell 1.9 per cent to $2.31.

Rubber goods and milking equipment manufacturer Skellerup fell 1.3 per cent to $1.56. Retailer The Warehouse was down 0.95 per cent to $3.12. National carrier Air New Zealand fell 0.8 per cent to $1.29.

Contact Energy was down 0.7 per cent to $5.33. Outdoor clothing and equipment retailer Kathmandu Holdings was down 0.5 per cent to $1.85. Property for Industry fell 0.4 per cent to $1.23.

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