Market close: NZ shares up, Chorus climbs from five-month low

BUSINESSDESK: New Zealand shares rose, led by Chorus, as some investors bought the phone network company at a five-month low. 

Exporters Rakon and Fisher & Paykel Appliances gained as the kiwi held below 80 US cents.

The NZX 50 Index rose 11.93 points, or 0.3%, to 3552.06. Within the index, 26 stocks rose, 14 fell and 10 were unchanged.

Turnover was $98.7 million.

Chorus rose 4.3% to $3.17, having shed 40 cents since the regulator last week said in a draft report it wanted to cut the price the company charges for access to its lines.

The company is rated "outperform" based on a Reuters survey of analysts.

"Chorus has had a nice little bounce," said Bryon Burke, head dealer at Craigs Investment Partners.

Rakon, which sells its crystal oscillators worldwide, gained 3.9% to 53 cents and F&P Appliances rose 2.8% to 55 cents.

The New Zealand dollar recently traded at 79.30 US cents, having last week fallen below 80 cents for the first time since mid-January.

A weaker currency swells the value of overseas sales when they're brought home.

"Both stocks are finally showing renewed buying support given the direction of the dollar," Mr Burke said.

"The New Zealand dollar has had a fall from grace and investors are cautious."

Briscoe Group gained 2.6% to $1.57 after the retailer boosted first-quarter sales, while warning full-year revenue may be flat compared to 2011 when the Rugby World Cup boosted turnover in the second half.

Sales at the homeware and sporting goods vendor climbed 6.5% to $102.5 million in the three months ended April 29.

OceanaGold, operator of the Macraes gold field, fell 5.7% to $2.65.

Spot gold edged down 0.1% to $US1636.20 an ounce, near the bottom of its trading range of the past month, according to Reuters.

Northland Port Corp fell 5% to $1.90. The company named Graham Wallace as interim chief executive.

Mr Wallace will take up the role immediately to allow the orderly transfer of responsibility before general manager Jim Smillie retires early next year, the company said in a statement.

Metlifecare rose 1.5% after it was sold off heavily yesterday when it announced a $216m deal to acquire the assets of rivals Vision Senior Living and Private Life Care for cash and scrip.