Markets 'marginally positive'

JASON KRUPP
Last updated 17:39 23/08/2012

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New Zealand stocks rose today after further good news from listed companies. The local bourse was led up by rubber goods and milking equipment manufacturer Skellerup reporting a record profit of $24.7m.

The NZX50 index was up 0.1 per cent or 4.96 points to 3663.34. Within the index, 24 stocks rose, 14 fell and 12 were unchanged.

OnePath senior investment analyst Craig Brown said the New Zealand market had a marginally positive day.

"The interesting thing with the New Zealand market at the moment is we're in the middle of results season so there is a tremendous amount of data coming out on a reasonably regular basis. We're seeing some quite interesting moves day to day as people work through data such as Fletcher Building which was down yesterday, but as then it went back up today," Brown said. The construction giant rose 0.8 per cent to $6.37.

"Skellerup had a very good result which translated to a good share price performance on the day, rising 6 per cent to $1.59. It is very well run in a tough environment, they have done a great job."

Fisher & Paykel Appliances, the whiteware manufacturer and exporter, rose 3.8 per cent to 68c after forecasting a recovery in its earnings.

New Zealand Refining rose 3.85 per cent to $2.70. Rural services company PGG Wrightson was up 2.9 per cent to 36c. Michael Hill International was up 1.9 per cent to $1.07.

OceanaGold rose 1.9 per cent to $3.28. Retailer The Warehouse was up 1.85 per cent to $2.76. Trade Me shares rose 1.3 per cent to $3.92.

Australian food ingredient maker Goodman Fielder fell 2.8 per cent to 79c. Telstra Corp was down 2.1 per cent to $4.75. Australian weather manager AMP fell 1.7 per cent to $5.70.

Carpet maker Cavalier was down 1.7 per cent to $1.72. Casino and hotel operator Skycity Entertainment was down 1.05 per cent to $3.78. EBOS Group fell 0.9 per cent to $7.90.

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- BusinessDay.co.nz

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