NZ market opens higher

RICHARD MEADOWS
Last updated 10:59 30/01/2013

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New Zealand shares opened higher today, with renewed trading activity in big bluechip stocks pushing the benchmark index to new heights.

The NZX 50 index rose 11.8 points, or 0.28 per cent, to 4,212.09 in the first 30 minutes of trade. Infratil led gainers and PGG Wrightson fell.

Offshore leads were moderately positive overnight. On Wall Street the strong start to the corporate earnings season continued with good results from Ford and Pfizer.

The Dow Jones rose 53.88 points, or 0.39 percent, and the Standard & Poor's 500 Index rose 4.65 points, or 0.31 percent.

After several sessions of subdued trading, the local bourse picked up the pace this morning with over 10 million shares changing hands at the open.

Infratil led the way up, rising 1.7 per cent to $2.45. The infrastructure investment company is rated “buy” by a Reuters consensus poll of six analysts.  

Telecom clawed back some ground lost in trading yesterday, up 0.9 per cent to $2.37. 

Fisher & Paykel Healthcare, manufacturer of respirators and breathing masks, rose 0.8 per cent to $2.48.

Construction giant Fletcher Building rose 0.5 per cent to $9.31. Telstra Corp., the Australian phone company, rose 0.5 per cent to $5.84.

PGG Wrightson led decliners, shedding 1c, or 2.3 per cent, to 43c.

Steel & Tube, the construction materials supplier, fell 1.2 per cent to $2.55.

Industrial chemicals and resin manufacturer Nuplex Industries fell 0.9 per cent to $3.31.

Property For Industry, the commercial and industrial real estate investor, fell 0.8 per cent to $1.21.

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