Stocks Midday: NZX50 breaks through 4000 mark

Last updated 12:36 23/11/2012

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New Zealand stocks broke through the psychologically key 4000 point mark in morning trade, after improved US and Chinese manufacturing data overnight suggested the global economy may at last be headed towards recovery.

Xero led gainers and Precinct Properties fell after losing out on a Government tender.

The NZX 50 Index rose 6.10 points, or 0.15 per cent, to 4,003.31 in the first two hours of trade, a level it has hit only twice in the past four years.

Just over 15.3 million shares were traded by noon, representing $42 million in turnover.

Xero, the cloud accounting platform maker which reiterated its choice to chase market share growth over profitability last week when it reported a $7m interim loss, rose 1.6 per cent to $6.45.

Heartland New Zealand, the financial services firm looking to transform itself into a retail bank, rose 1.5 per cent to 70c.

Chorus, the telephone network utility, rose 0.9 per cent to $3.28.

Telecom, the country's biggest phone company and most traded stock, rose 0.9 per cent to $2.37, with the stock supported by the firm's $300m share buyback programme.

Trade Me, the online market place provider, rose 0.7 per cent to $4.33.

Warehouse, the country's biggest listed retailer, was unchanged at $3.15 after telling investors at its annual meeting it expects to exceed its 2012 earnings in the year ahead.

Precinct, the real estate investor formerly known as AMP NZ Office, fell 2.5 per cent to $1 after announcing its tender to provide between 50,000 and 60,000 square meters of space in Wellington to the Government had been unsuccessful.

Cavalier, the carpet maker, fell 2.3 per cent to $1.70, leading decliners on the exchange.

The stock has been trading in a volatile band since the firm announced it will miss its 2013 earnings guidance last week, with investors still trying to find a price base for the stock widely seen as a direct beneficiary from the Christchurch rebuild.

Nuplex, the industrial chemicals and resins maker, fell 0.7 per cent to $2.95.

Contact, the country's biggest listed electricity company, fell 0.6 per cent to $5.05

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