NZ sharemarket rises, Fletcher Building gains
A 15c rise in the price of Fletcher Building shares to 952 a feature of a mixed and lacklustre session.
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The New Zealand sharemarket rose today with a 15c rise in the price of Fletcher Building shares to 952 a feature of a mixed and lacklustre session.
The benchmark NZX-50 index closed up 16.044 points, or 0.5%, at 3461.319. Turnover was worth $94.6 million. There were 49 rises and 28 falls among the 118 shares traded.
"The overnight markets on Friday were a mixed bag and we've drifted along a bit," said Stuart Hardie, an adviser at Craigs Investment Partners. "Fletcher Building is an ongoing good news story."
Vector fell 11c to 246 on a day it expressed dissatisfaction with a Commerce Commission proposal to change the basis for a default price path for electricity distribution businesses.
"This overturns the basis under which most lines companies and market participants have been using to estimate the impact of the new regulatory regime for a considerable period of time," Vector said.
"Uncertainty is not good for share prices," Mr Hardie said.
TrustPower rose 2c to 730 and Contact Energy eased 3c to 573.
Turners & Growers was untraded on a day it was announced that Tony Gibbs would not stand for re-election as chairman at the annual meeting on June 30. Tower, which continues to be chaired by Mr Gibbs, rose 5c to 186.
Rakon rose 8c and Scott Technology rose 3c to 145.
Port of Tauranga rose 16c to 850. SkyCity rose 3c to 344 and Fisher&Paykel Healthcare rose 3c to 309.
PGG Wrightson was unchanged at 53 and Pyne Gold Corp rose 2c to 28.
Shares in fishing company Sanford eased 9c to 555. Recent strength in the share price triggered a query from NZX market supervision on Friday.
Sanford replied it was affected by worldwide commodity market prices and recent export statistics showed improvements in seafood prices compared with last year.
NZPA
Mon, 11 Apr 2011
Mon, 11 Apr 2011
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NZ sharemarket rises, Fletcher Building gains
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