NZ stocks: Market enjoys slight rise

The sharemarket closed nearly half a per cent higher, but declines in two of the top three stocks pegged back its gains compared with markets offshore.

Following rises of around 3 per cent on Wall Street, and a more than 2 per cent gain across the Tasman, the benchmark NZX-50 index ended up just 0.47 per cent, or 12.95 points, at 2790.80.

Turnover totalled just $88.1 million.

"It was a muted response to offshore trends. Fletcher Building and Contact, if you took those out the index would have been a lot stronger," said First NZ Capital director Philip Hunter.

"We don't go up as much when offshore markets go up, and we don't follow the market down when they do the opposite."

Top stock Telecom was a cent higher at 259, while Fletcher Building lost 10c to 659 and Contact Energy fell 8c to 592.

Contact Energy has sought a year-long delay on a hearing into a planned $1 billion Waikato wind farm.

Among other blue chips, Fisher & Paykel Healthcare was up 8c at 318, F&P Appliances lost a cent to 62, Sky TV lost a cent to 424, Sky City rose 3c to 287, and Auckland Airport was flat at 166.

ING Property rose a cent to 57 despite sliding into an annual after-tax loss of $63.1m, reversing the previous year's $72m profit, as the slowing economy hit property values.

Other property stocks were mixed, with Goodman Property up 2c at 85, AMP Office Trust down a cent at 73, and ING Medical Property flat at 118.

Chemicals company Nuplex closed up 2c at 40 after confirming it continued to expect full year earnings before interest, tax, depreciation and amortisation of $87m.

Pike River Coal rose 11c to 114, fund manager and insurer Tower gained 6c to 169, Ryman Healthcare was up 6c at 163, Sanford rose 5c to 560, and PGG Wrightson was up 8c at 140.

The few to decline included Mainfreight, down 7c at 470, and Methven, off 5c at 125.

Dual-listed stocks firmed, with ANZ up 66c at 1998, Westpac up 20c at 2630, AMP up 18c at 673, and Lion Nathan, up 11c at 1469.

APN News fell 5c to 160 after announcing a A$99m ($129.2m) capital raising at A$1 per share to help reduce debt.

- NZPA