A 4.2% rise in the price of Fletcher Building shares helped the New Zealand sharemarket rise 0.7% today as the reporting season ramped up.The NZX-50 benchmark index closed up 23.453 points at 3111.06, at a time that the Australian market up 2.2% and other
A 4.2% rise in the price of Fletcher Building shares helped the New Zealand sharemarket rise 0.7% today as the reporting season ramped up.
The NZX-50 benchmark index closed up 23.453 points at 3111.06, at a time that the Australian market up 2.2% and other Asian markets were also strong.
Turnover was worth $176.3 million and was boosted by large volume in Telstra and Fletcher Building. There were 55 rises and 27 falls among the 115 stocks traded.
"Australia is having a fantastic day and that is rubbing off to some degree on the New Zealand market," said Grant Williamson, director of Hamilton Hindin Greene.
Fletcher Building rose 32c to $7.96 after reporting a 10% fall in interim profit.
"It beat market expectations. I think the result shows the diverse nature of the company now. Even though the steel division had weak earnings other divisions performed quite well," Mr Williamson said. "People were more than happy with the forward comments."
Opus rose 15c to $1.80 after saying it performed well in a challenging year.
ING Medical Property Trust rose 1c to $1.17 after reporting a 15.3% rise in interim operating profit.
Tenon was unchanged at 84c on a day in which it reported operating earnings of $US5 million ($NZ7 million).
PGG Wrightson rose 1c to 59c on news that its finance company has a BB rating. Fisher & Paykel Appliance's finance company also secured a BB rating. The shares were unchanged at 63c.
Contact Energy rose 3c to $.564 on a day in which it reported higher customer numbers.
Telecom rose 1c to $2.34, Auckland Airport rose 1c to $1.84 and NZOG rose 2c to $1.52. Sanford fell 5c to $4.60.
NZ Experience was untraded after reporting a $572,000 interim profit, slightly down on last year.
Mainfreight rose 4c to $5.80 and Freightways rose 1c to $3.10.
The Warehouse fell 3c to $3.75 and SkyTV fell 3c to $4.67.
