Market close: shares rise - Diligent at record, Telecom, Fletcher up

New Zealand shares rose, led by Diligent Board Member Services as investors cheered its sales growth. Telecom and Fletcher Building paced the advance.

The NZX 50 Index gained 32.842 points, or 0.7 percent , to 4516.501. Within the index, 26 stocks rose, 17 fell and seven were unchanged. Turnover was $135 million.

Diligent rose 4.6 percent to a record close of $6.88. The provider of software for company directors was forced to deal with a glitch over its chief executive's remuneration this year.

It reported last week that first-quarter sales soared 84 percent. By coincidence, the stock is up 84 percent in the past 12 months.

"Diligent seems to be restoring market confidence after last week resolving its CEO's remuneration and posting robust sales figures," says James Schofield, vice-president, equity research, at First NZ Capital.

Xero, the other tech company whose shares have soared, gained 1.6 percent to $12.35.

Telecom, typically held for its high dividend yield - 15 percent at today's price - rose 3.1 percent to $2.65. Fletcher Building, the biggest company on the index, gained 2.4 percent to $8.66.

Nuplex Industries, a specialty chemicals maker, rose 2.5 percent to $3.28. Auckland International Airport climbed 1.5 percent to $3.01.

Ryman Healthcare, one of the best-performing companies on the market, slipped from a record high, down 1.2 percent to $5.64.

Infratil led the decline in companies that could be hurt by the Greens/Labour parties' plan to regulate the power market, falling 1.3 percent to $2.31. Contact Energy shed 0.9 percent to $5.34.

Mighty River Power expects it would take at least four years for the proposed electricity policies to be enacted. With more than a year until the next scheduled election, that could make the promised power price cuts as much as five years away.

It amended its share offer documents today.

NZX, the stock market operator, rose 1.5 percent to $1.33 on a day it had to grappled with a glitch that halted publication of prices and data for the first half of the day.

Among smaller caps, Snakk Media fell 0.7 percent to 14.9 cents after the latest brainchild of Hyperfactory co-founder Derek Handley said it wants to raise up to $2 million through a share purchase plan near the bottom of an independent adviser report's valuation range.

Allied Farmers fell 10 percent to 1.8 cents after selling its Taranaki real estate business for $472,500.

(BusinessDesk)