The New Zealand sharemarket broke a seven-day losing streak thanks to solid gains by leading shares Telecom and Fletcher Building.The benchmark NZX-50 closed up 20.406 points, or 0.6%, at 3209.063. Turnover was worth $36.66 million. There were 42 rises an
The New Zealand sharemarket broke a seven-day losing streak thanks to solid gains by leading shares Telecom and Fletcher Building.
The benchmark NZX-50 closed up 20.406 points, or 0.6%, at 3209.063.
Turnover was worth $36.66 million. There were 42 rises and 34 falls among the 107 stocks traded. The Australian market was closed for the Australia Day holiday.
"I think most investors locally are just buying time as we wait for the reporting season to kick-off in February. There is really a lack of domestic news to influence our prices at the moment," sais Hamilton, Hindin, Greene director Grant Williamson.
Fletcher Building rose 16c, or 2%, to $8.18 and Telecom rose 5c, or 2.1%, to $2.44. Both are weighty index members.
Nuplex rose 9c to $3.39, continuing a rally in the wake of its profit guidance upgrade issued last week.
Air NZ eased 1c to $1.19 on a day it generated considerable media coverage of its new economy skycouch.
Auckland Airport rose 5c to $1.92 and Tourism Holdings rose 3c to 93c after the government last week announced a $10 million investment in tourism marketing.
GPG eased 1c to 87c amid analysis in the Australian media of an interview with Sir Ron Brierley, 72, published at the weekend.
Port of Tauranga, which announced a senior management appointment today, was unchanged at $7.10.
SkyCity rose 1c to $3.37 and said its interim result would be released on February 16.
Rural stocks were little changed on a day in which Federated Farmers welcomed news yesterday that Fonterra's farmer shareholders had invested $271 million in buying shares in the co-operative.
PGG Wrightson was unchanged at 63c, Affco was unchanged at 36c and NZ Farming Systems Uruguay was unchanged at 44c.
Listed property trusts were weak after falling last week on worries that taxation reform will affect the sector.
ING Property Trust fell 1c to 76c, Goodman Property fell 1c to $1.02, ING Medical Property Trust fell 2c to $1.16 and Kiwi Income Property Trust fell 1c to $1.02. AMP Office Trust fell 2c to 73c.
Rakon fell 3c to $1.11, SkyTV fell 2c to $4.98 and Freightways fell 4c to $3.28.
Contact Energy fell 7c to $5.98 and TrustPower was unchanged at $7.25.
