NZ stocks up across board

Last updated 17:43 12/10/2012

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The New Zealand sharemarket rose today with growth across the board in most stocks listed on the main bourse.

The NZX50 was up 0.3 per cent or 13.35 points to 3896.65. Within the index, 33 stocks rose, eight fell and nine were unchanged.

BT Funds Management portfolio manager Matthew Goodson said property stocks showed strength.

Argosy Property was up 0.6 per cent to 90c, Precinct - previously AMP NZ Office - was up 0.5 per cent to 99c. Property For Industry was up 0.2 per cent to $1.19, Kiwi Income Property Trust rose 0.4 per cent to $1.15. DNZ Property Fund lifted 0.3 per cent to $1.58.

"There was no great item of news driving that, it was more a continuation of investors looking for higher yields than they can get elsewhere at the moment," Goodson said.

One of the stocks traded the most actively was the leading decliner, rural services company PGG Wrightson. The chief executive and chief financial officer of the parent company of its majority shareholder Agria Singapore both resigned overnight. It fell 2.8 per cent to 35c.

"There is some speculation on whether there will be any impact. It is hard to know what the precise ramifications could be - it is nothing directly to do with PGG Wrightson's business."

OceanaGold led the gainers with a 2.4 per cent rise to $4.30 on strength in gold and copper prices. Freightways rose 2.1 per cent to $4.33. New Zealand Refining was up 1.8 per cent to $2.85.

Markets operator NZX Limited was up 1.8 per cent to $1.15. Clothing retailer Hallenstein Glassons rose 1.7 per cent to $4.90. Australian food ingredient maker Goodman Fielder was up 1.5 per cent to 68c.

Diligent Board Member Services was up 1.3 per cent to $3.88. Rubber goods and milking equipment manufacturer Skellerup Holdings rose 1.2 per cent to $1.68. New Zealand Oil and Gas rose 1.2 per cent to 88c.

Jewellery retailer Michael Hill International fell 1.7 per cent to $1.18. Westpac was down 0.9 per cent to $32.30. Childrens clothing company Pumpkin Patch was down 0.8 per cent to $1.21.

Port of Tauranga fell 0.4 per cent to $12.50. Vital Healthcare Property Trust was down 0.4 per cent to $1.27. Nuplex Industries sank 0.3 per cent to $3.11. Australian wealth manager AMP was down 0.2 per cent to $5.55.

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- © Fairfax NZ News

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