The New Zealand sharemarket finished up 11 points today on the back of a rebound from Fletcher Building and a strong result from retirement village operator Summerset Group.
The NZX rose 0.28 per cent to 4226.4 points with Summerset leading gainers and telecommunications infrastructure provider Chorus leading decliners after it increased its capital expenditure forecasts.
On the currency, the New Zealand dollar was trading at US83.62 cents, up from US83.53 cents this morning.
Summerset reported a 243 per cent earnings jump this morning, driven by a second year of record occupation-right sales and care-fee growth.
Chorus also reported a "pleasing" $84 million interim net profit, but it warned it would cost $300m more than expected to build its share of the ultrafast broadband network.
First NZ Capital’s head of institutional equities James Lee said the market had reacted to the uncertainty and cost related to the restatement.
‘‘Whilst the baseline number was better than market expectations, the increase to the cap ex will be one of the questions marks to see whether they get a return on that extra spend,’’ Lee said.
On the NZX, 22 stocks rose, 16 declined and 12 were flat across the day.
Summerset gained 3.2 per cent to $2.56, Trade Me Group was up 3 per cent to $4.44 and Pumpkin Patch rose 2.2 per cent to $1.40.
Sky Network Television grew 1.9 per cent to $5.30, jeweller Michael Hill gained 1.6 per cent to $1.25 and Fisher & Paykel Healthcare up 1.6 per cent to $2.56.
Fletcher Building gained 1.1 per cent to $8.78.
Of the decliners, Chorus dropped 3.3 per cent to $2.94, OceanaGold Corp fell 2.1 per cent to $2.76 and Warehouse Group declined 2 per cent to $3.43.
Heartland Bank fell 1.3 per cent to 72 cents, Kathmandu Holdings 1.2 per cent to $2.40 and Property For Industry 1.2 per cent to $1.25.
On the currency the Kiwi dollar was up slightly against the Greenback compared to this morning.
Direct FX trader Sam Coxhead said HSBC’s chinese purchasing manaufacturers index figures were slightly weaker than expected which helped New Zealand’s currency against teh Australian dollar.
The kiwi was recently trading at US83.62 cents, up from US83.53 cents this morning.
The Trade Weighted Index of major trading partners’ currencies was recently up to 76.60 from 76.20 earlier.
On the crosses the kiwi recently traded at 81.35 Australian cents, up from A81.03c this morning, and at 63.40 Euro cents, up from 63.19 Euro cents.
The New Zealand dollar traded at 78.65 Japanese yen, down from 78.75 yen this morning, and was steady at 55.26 British pence.
The 90 Day bank bill rate was down 0.01 per centage points from last night, at 2.67 per cent.
- Fairfax Media