The New Zealand sharemarket started the week strongly after the US market performed better than expected on Friday.Companies also continued to signal better trading in the most recent months of their interim reports.The benchmark NZX50 index closed up 22.
The New Zealand sharemarket started the week strongly after the US market performed better than expected on Friday.
Companies also continued to signal better trading in the most recent months of their interim reports.
The benchmark NZX50 index closed up 22.666 points, or 0.7%, at 3129.754 after opening up around 9 points. Turnover was worth $121.6 million, of which more than half was in Telecom shares. There were 56 rises and 28 falls among the 116 stocks traded.
"It was a positive day. On Friday when the Federal Reserve announced an increase in the discount rate the Asian markets were expecting the Dow to be down on Friday and that did not eventuate," said Grant Williamson, director at Hamilton, Hindin, Greene.
Cavalier Carpets rose 9c to $2.67 after reporting a 6% fall in interim profit. Mr Williamson said that in line with other companies the carpet maker noted improving trading conditions.
Telecom rose 2c to $2.36 on news that the telecommunications commissioner has recommended Telecom's and Vodafone's final undertakings on mobile termination rates be accepted as an alternative to regulation.
"There is still uncertainty there," Mr Williamson said.
Auckland Airport rose 3c to $1.88 after carrying out the bookbuild to sell the shares not taken up by retail investors in its capital raising. The airport reports earnings on Friday.
Contact Energy, which reports earnings tomorrow, rose 10c to $5.80, reflecting strength in the broad market.
NZX fell 1c to $2.03 on a day when NZ Regulation referred issues relating to NZX's handling of Allied Farmers inclusion in the NZX50 to the Securities Commission.
Fletcher Building fell 2c to $7.90. Property for Industry fell 2c to $1.11 after holding its full-year net dividend despite challenging market conditions.
AMP, which reported last week, rose 14c to $8.09.
NZ Refining rose 4c to $3.40 and NZOG rose 3c to $1.54. Nuplex rose 4c to $3.33 and SkyTV rose 2c to $4.82.
Sanford fell 5c to $4.57. GPG fell 1c to 81c, Fisher & Paykel Appliances fell 1c to 60c and AMP Office Trust fell 1c to 71c.
SkyCity rose 3c to $3.20 and Rakon rose 1c to $1.00.
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