Stocks rise after investor appetite returns

JENNY KEOWN
Last updated 18:40 08/05/2012

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New Zealand stocks rose today, led by a return in investor appetite for shares in the country's largest network operator Chorus.

The NZX 50 Index rose 0.33 per cent or 11.93 points to 3,552.06.

Forsyth Barr broker David Price said the market did well in comparison to Australia, who just limped in to positive territory today. The S&P/Australian 200 Index rose 9.5 points or 0.22 per cent to 4310.88.

"The main game continues to be Chorus. The stock offers an attractive yield albeit with less clarity than before."

Chorus bounced back from a substantial fall since the Commerce Commission announcement on Friday that it would look to drop the price the company can charge for competitors to access its copper network.

The trading volume of most of the other stocks was light, so overall it was a quiet day.

Price predicted the market would be volatile for the rest of the month, given continued political volatility in Europe.

Chorus rose 4.28 per cent to $3.17.

Technology company Rakon rose 3.92 per cent to 53 cents.

Fisher & Paykel Appliances, a whitewear manufacturer, rose 2.8 per cent to 55 cents.

Contact Energy, an energy company, rose 2.51 per cent to $4.90.

Infrastructure business Infratil rose 2.04 per cent to $2.

Hallensteins Glassons, apparel and accessories, rose 2.02 per cent to $4.04.

Restaurant Brands rose 1.45 per cent to $2.10, while EBOS Group, a medical equipment company, rose 1.32 per cent to $7.60.

Oceanagold, a precious metals company, fell 5.69 per cent to $2.65. Kathmandu, an outdoors retailer, fell 1.79 per cent to $1.65.

AMP fell 1.67 per cent to $5.30, while Steel & Tube fell 1.32 to $2.25.

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- BusinessDay.co.nz

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