MARKET CLOSE: NZ shares rise to 5-year high

New Zealand shares rose, pushing the NZX 50 Index to a new five-year high, led by stocks that are among broker picks for 2013, such as PGG Wrightson and Ryman Healthcare.

The NZX 50 rose 15.45 points, or 0.4%, to 4080.90, the highest close since December 2007, bringing its gain this year to 24%. Within the index, 22 stocks rose, 12 fell and 16 were unchanged. Turnover was a lower-than-average $57 million, reflecting reduced trading during the Christmas-New Year holiday period.

PGG Wrightson, the nation's biggest rural services company, gained 4.8% to 44c, the highest close since September 2011. It was among three companies singled out in a New Zealand Herald survey of brokers this week for gains in 2013.

Of the other two, Ryman rose 0.7% to a record $4.51 and Diligent Board Member Services rose 0.6% to $5.47, for a 183% gain this year.

"There's quite a lot of confidence in the market" for 2013, said Greg Easton, an adviser at Craigs Investment Partners. "While we don't expect another 25% gain next year, returns will still beat the banks."

Telecom rose 2.9% to $2.31 and has gained 9.2% this year. Australian wealth manager AMP rose 2.8% to $6.17.

Hellaby Holdings rose 5.6% to $3.38, adding to its gains yesterday, when the company said it would buy a controlling stake in specialised engineering maintenance and industrial cleaning company Contract Resources.

Pacific Edge, which is marketing a test for bladder cancer, rose 6% to 53c.

Fletcher Building, the biggest company on the NZX 50, fell 0.6% to $8.40. Contact Energy declined 0.2% to $5.27.

Hallenstein Glasson fell 1.1% to $5.34 and Restaurant Brands fell 1.5% to $2.64.

Mainfreight rose 1.1%t to $11.80, OceanaGold climbed 1.5% to $3.45 and Sky Network TV rose 1.2% to $4.90.

Steel & Tube Holdings dropped 1.6% to $2.40 and was the biggest decliner today.

BusinessDesk


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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7283 -0.0003 -0.04%
AUD 0.9348 0.0001 0.01%
EUR 0.6428 0.0002 0.03%
GBP 0.4830 -0.0002 -0.04%
HKD 5.6463 -0.0016 -0.03%
JPY 85.8250 -0.4060 -0.47%

Commods

Commodity Price Change Time
Gold Index 1257.0 -28.890 2015-01-29T00:
Oil Brent 50.1 0.560 2015-01-29T00:
Oil Nymex 44.5 0.000 2015-01-29T00:
Silver Index 16.8 -1.310 2015-01-29T00:

Indices

Symbol Open High Last %
NZX 50 5759.8 5766.7 5759.8 -0.27%
NASDAQ 4635.7 4688.4 4638.0 0.98%
DAX 10666.4 10743.6 10711.0 0.25%
DJI 17195.3 17433.1 17191.4 1.31%
FTSE 6825.9 6825.9 6825.9 -0.22%
HKSE 24771.4 24771.4 24595.8 -0.12%
NI225 17788.7 17808.5 17606.2 0.43%