NZ stocks continue strong trading

05:46, Aug 21 2012

The New Zealand sharemarket rose today as company results issued favoured well with investors.

The NZX50 index was up 0.7 per cent or 26.64 points to 3687.73. Within the index, 28 stocks rose, 13 fell and nine were unchanged.

Goldman Sachs JBWere institutional broker Peter Sigley said that investment holdings company Guinness Peat Group, up 3.9 per cent to 53c, had risen after significant buying.

"There have been a couple of stocks heading into reporting season that seem to be strong ahead of their results such as Fisher & Paykel Appliances, up 4.8 per cent rise to 66c, and PGG Wrightson rose 3.2 per cent to 32c. Markets seem to be asking themselves if there are signs of turnaround in either of those stocks," Sigley said.

"Nuplex, up 2.9 per cent to $2.84, continued to charge post-result despite market conditions being difficult they are performing. Telecom was back up close to recent highs, up 2.4 per cent to $2.81."

Goodman Property Trust rose 2.8 per cent to 73c. OceanaGold rose 2.3 per cent to $3.10. Rubber goods and milking equipment manufacturer Skellerup was up 2 per cent to $1.53. NZ Refining rose 2 per cent to $2.55.

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Pumpkin Patch, the children's clothing chain that it was revealed yesterday has lured one of the executives from retailer Hallenstein Glassons, Di Humphries, rose 1.9 per cent to $1.08.

"Fletcher Building is reporting tomorrow, it was up 1.4 per cent to $6.66 going into the result. I guess the market is anticipating there is going to be no disappointment from that business tomorrow."

Outdoor clothing and equipment company Kathmandu Holdings led the decliners with a 3.4 per cent fall to $1.72.

Ebos Group was down 1.9 per cent to $7.90. Markets operator NZX Limited fell 1.8 per cent to $1.08. Would-be bank Heartland fell 1.8 per cent to 55c.

Xero was down 1.4 per cent to $5.01. Port of Tauranga was down 1.35 per cent to $11.65. Michael Hill International fell 0.9 per cent to $1.05. Restaurant Brands, the operator behind KFC and Pizza Hut fast food chains, was down 0.9 per cent to $2.26.

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