NZX up on large volumes
The New Zealand sharemarket rose today as it processed Fairfax Media's large volume transaction of its 51 per cent stake in Trade Me.
The NZX50 index was up 0.5 per cent or 18.46 points to 3984.94. Within the index, 19 stocks rose, 23 fell and 8 were unchanged.
Craigs Investment Partners adviser Greg Easton said the large volumes in the market were dominated by the Trade Me transaction. After Fairfax sold A$616 million of shares it fell 1 per cent to $4.01.
"Trade Me was the focus early on. The market was negative until early in the afternoon when Telecom shot up 4.6 per cent to $2.26 and I can only suggest that's being driven largely from offshore and the world is feeling a little bit better about itself as US fiscal cliff talks progress, hopefully coming to some sort of decision," Easton said.
"There is lots of money changing hands. Capital markets are in pretty good health."
Diligent Board Member Services was up 3.3 per cent to $5.03. New Zealand Refining rose 3 per cent to $2.42. Contact Energy was up 2 per cent to $5.11.
Clothing retailer Hallenstein Glassons rose 1.6 per cent to $5.20. Casino and hotel operator Sky City Entertainment was up 1.4 per cent to $3.63. Xero rose 1.3 per cent to $7.75.
TrustPower was up 1.2 per cent to $8.38. Westpac rose 1.2 per cent to $32.40. Investment holdings company Guinness Peat Group was up 0.85 per cent to 60c.
Infrastructure investor Infratil was down 2.7 per cent to $2.19. National carrier Air New Zealand fell 2.3 per cent to $1.29. Property for Industry was down 2 per cent to $1.21
DNZ Property Fund fell 1.9 per cent to $1.58. Markets operator NZX Limited was down 1.65 per cent to $1.19. Vital Healthcare Property Trust fell 1.6 per cent to $1.22.
Childrens clothing chain Pumpkin Patch was down 1.5 per cent to $1.33. OceanaGold was down 1.4 per cent to $3.45. Kiwi Income Property Trust fell 1.3 per cent to $1.13. Rubber goods and milking equipment manufacturer Skellerup was down 1.3 per cent to $1.53.