NZX up, heavy Xero trading

Last updated 17:45 12/11/2012

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The New Zealand sharemarket rose today, with strong trading in recently dual-listed Xero which last week entered the Australian stock market.

The NZX50 index was up 0.65 per cent, or 26.07 points, to 3983.99. Within the index, 24 stocks rose, 13 fell and 13 were unchanged.

One Path senior investment manager Craig Brown said the market was still digesting the recent company results and annual general meetings, and looking to more AGMs scheduled this week.

Xero led the market with a rise of 3.6 per cent to $6.30.

"There was more than 162,000 shares traded in Xero which is not insignificant. After its dual listing in Australia it is coming on to the radar of another group of investors," Brown said.

"Contact Energy was weaker, down 2.6 per cent to $5.21, on back of lower wholesale electricity prices, but overall there was a reasonably positive tone to the market."

Fletcher Building rose 3.3 per cent to $7.48 after news it had bought an $8.2 million manufacturing business in laminates in India.

"The acquisition was relatively immaterial but it is a small step into a new market," Brown said.

Pay TV operator Sky Network Television was unchanged at $5.08 after saying it could release its long-delayed discount subscriber television service Igloo by Christmas.

Rural services company PGG Wrightson rose 3 per cent to 34c. Trade Me Group was up 1.7 per cent to $4.14. Property For Industry rose 1.6 per cent to $1.24.

Telstra Corp rose 1.5 per cent to $5.28. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 1.2 per cent to $2.46. OceanaGold was up 1.1 per cent to $4.47.

Rubber goods and milking equipment manufacturer Skellerup Holdings fell 2.4 per cent to $1.64. ANZ Banking group was down 1.8 per cent to $31.34. Outdoor clothing  and equipment company Kathmandu Holdings fell 1.8 per cent to $1.67.

Australian food ingredient maker Goodman Fielder was down 1.4 per cent to 71c. Children's clothing chain Pumpkin Patch was down 0.8 per cent to $1.25.

Auckland electricity and gas company Vector was down 0.7 per cent to $2.75. Mainfreight, the international trucking and logistics company, was down 0.6 per cent to $10.40. Australian wealth manager AMP fell 0.5 per cent to $5.86.

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