The New Zealand sharemarket rose to a more than 18 month high today, boosted by solid gains in leaders Fletcher Building and Contact Energy.Telecom was unable to build on Tuesday's 8c rise and closed unchanged at $2.24, though trading in its shares was wo
The New Zealand sharemarket rose to a more than 18 month high today, boosted by solid gains in leaders Fletcher Building and Contact Energy.
Telecom was unable to build on Tuesday's 8c rise and closed unchanged at $2.24, though trading in its shares was worth $26.7 million.
The benchmark NZX-50 index closed up 16.167 points, or 0.5%, at 3325.076, its highest since September 2008.
The index has risen for four consecutive trading days. Turnover was worth $128 million. The number of rises, at 54, was three times the number of falls at 18. A total of 112 stocks traded.
The New Zealand dollar was bolstered overnight by news that the average price for whole milk powder rose 21% per tonne in Fonterra's internet-based auction.
Asian markets neared 22-month highs, helped by strong commodity prices, Reuters reported.
Fletcher Building rose 8c to $8.50 and Contact Energy rose 7c to $6.50.
Restaurant Brands gained 7c to $2.10, its highest level since the middle of 2002. The company reported a full-year net profit, excluding non-trading items, up 70% to $19.9 million.
"They've had profit upgrades and the result was still slightly better," said Stephen Wright at ASB Securities. "In general sentiment is still pretty favourable. Australia is at 18 month highs."
Pike River Coal rose 4c to 99c, which brokers attributed to positive sentiment toward the sector and the backdrop of ongoing corporate activity in the coal sector in Australia.
Air NZ rose 1c to $1.39 after a strong performance yesterday on a buy recommendation from Forsyth Barr.
NZ Windfarms was unchanged at 37c after resolving a dispute with its turbine supplier. Tourism Holdings rose 3c to 94c, and NZ Refining rose 14c to $3.94.
NZ Farming Systems Uruguay rose 1c to 39c, though PGG Wrightson was unchanged at 57c.
SkyCity rose 3c to $3.29. Michael Hill rose 2c to 70c and The Warehouse was unchanged at $3.80. Infratil rose 1c to $1.75 and $24 million worth of its shares traded.
NZOG rose 2c to $1.60. TrustPower rose 2c to $7.27.
Freightways eased 2c to 318, Hellaby eased 2c to 164 and Rakon eased 1c to 97c. Hallenstein Glasson eased 3c to $3.40. APN News fell 5c to $3.02.
