New Zealand shares rose, nudging the NZX 50 to a five-year high. OceanaGold, Kathmandu and Telecom led gainers.
The NZX 50 Index rose 13.17 points, or 0.3 percent, to 4103.54. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was $130.8 million.
The local benchmark has been rising ahead of earnings in February.
Some companies have given favourable mid-quarter updates that have lifted expectations earnings will not disappoint and dividend yields on shares like Telecom make them attractive versus fixed income securities.
OceanaGold, which operates the Macraes gold field, rose 6.2 percent to $3.43 and Kathmandu, the outdoor supplies and clothing chain, gained 3.4 percent to $2.11.
Telecom, which has a dividend yield of 13.3 percent, rose 3.1 percent to $2.31. Sky City Entertainment, the casino and hotel company, rose 1.1 percent to $3.81. It has a dividend yield of 5.8 percent.
PGG Wrightson, the nation’s biggest rural services company, rose 2.2 percent to 47 cents.
Decliners were led by Skellerup, down 2.4 percent to $1.63, while Contact Energy, the biggest power utility on the NZX 50, fell 2.3 percent to $5.17.
Fletcher Building, the biggest company on the NZX 50, was unchanged at $8.45 with 2.8 million shares changing hands.
Guinness Peat Group, which is winding down its investment portfolio, rose 0.9 percent to 59.5 cents.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Top lawyer on gardening leave after 22 years at Russell McVeagh
- Aussie Rich List – where are the Kiwis?
- How much taxpayers are giving to parties for political ads
- Orion Health falls another 10% to new post-IPO low
- Briefcase: Anderson Lloyd visit The Factory (again) while Colin Craig haunts the High Court (again)
Most listened to
- It’s "odd" StuffMe applicants are "so sensitive about anonymous submissions," says competition lawyer Andy Glenie
- Andrew Little, James Shaw, Steven Joyce and Bill English all weigh in on how good the budget was for Kiwi businesses
- Rob Hosking does not think it's good enough the Budget has left out reduced taxation on savings
- Lawyers are playing musical chairs in this week's Briefcase with John Bowie
- NBR Radio: best of the week ended May 19, with Grant Walker