New Zealand shares rose in a shortened pre-Christmas session, with Hallenstein Glasson Holdings leading some retailers higher after figures showed seasonal sales are tracking ahead of last year.
Metlifecare fell after joining the benchmark index. The NZX 50 Index rose 3.08 points, or 0.1%, to 4057.82. Within the index, 25 stocks rose, 16 fell and nine were unchanged. Turnover was just $33.4 million.
Hallenstein rose 3% to $5.50 in modest trading. Jeweller Michael Hill International rose 1.6% to $1.24, outdoor equipment chain Kathmandu rose 1% to $1.99 and The Warehouse Group, the biggest retailer on the NZX 50, gained 1% to $3.
Figures from Paymark, which processes about 75% of the nation's electronic retail transactions, show sales last week are up 2.6% on the same week of 2011. Local stocks gained even after key benchmarks on Wall Street were down 0.9%.
"It's very quiet Christmas trading and not a bad performance considering what happened offshore," said David Price, a broker at Forsyth Barr. "There's no corporate news and unlikely to be for the next couple of weeks."
The kiwi dollar has fallen to a three-week low, and that's helped underpin the local stock market, he said.
PGG Wrightson, the nation's largest rural services company, rose 5% to 42c and was the biggest gainer on the benchmark index.
Metlifecare, the retirement village operator, fell 1.9% to $3.07 in its first day trading in the NZX 50. Summerset Group, the other retirement village added to the index today, rose 0.5% to $2.23.
They replaced NZ Refining, up 2.9% to $2.50 today, and Goodman Fielder, unchanged at 76c.
Fletcher Building, the biggest company on the NZX 50, rose 0.6% to $8.30. Telecom rose 0.9% to $2.28 and Contact Energy fell 1.7% to $5.30.
NZX, the stock market operator, rose 2.5% to $1.22. Port of Tauranga fell 1.3% to $13.08 and fishing company Sanford fell 1.6% to $4.25.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Dollar gains on signs of robust economy, while Fed hikes wait on run of strong data
- Veritas share price plunges after result
- MARKET CLOSE: NZ shares rise, led by Warehouse, Ryman while Orion, Chorus keep falling
- Genius move: Live-stream file-sharing chaos will play into Dotcom’s hands
- Judge failed to go into case with open mind – Megaupload lawyer
Most listened to
- Airways's Ed Sims says the growth in air traffic management will be hard to sustain
- In Editor's Insight, Nevil Gibson watches Auckland's four "true blue" mayoral candidates step out in Takapuna
- Cameron Officer on Singapore’s driver-less taxi in Car Torque
- In Editor's Insight, Nevil Gibson looks at Phil Goff, who at a forum in Takapuna spoke of the need to reduce population
- Meridian CEO Mark Binns on the Tiwai smelter and generation options