The New Zealand sharemarket rose to a more than 18 month high today care of solid gains in leaders Fletcher Building and Contact Energy and rises in an array of other stocks.
Telecom was unable to build on Tuesday's 8c rise and closed unchanged today at 224, though trading in its shares was worth $26.7 million.
The benchmark NZX-50 index closed up 16.167 points, or 0.489 per cent, at 3325.076, its highest since September 2008. The index has risen for four consecutive trading days. Turnover was worth $128m. The number of rises, at 54, was three times the number of falls at 18. A total of 112 stocks traded.
The New Zealand dollar was bolstered overnight by news that the average price for whole milk powder rose 21 per cent per tonne in Fonterra's internet-based auction. Asian markets neared 22-month highs helped by strong commodity prices, Reuters reported.
Fletcher Building rose 8c to 850 and Contact Energy rose 7c to 650.
Restaurant Brands gained 7c to 210, its highest level since the middle of 2002. The company today reported a full-year net profit, excluding non-trading items, up 70 per cent to $19.9 million.
"They've had profit upgrades and the result was still slightly better," said Stephen Wright at ASB Securities.
"In general sentiment is still pretty favourable. Australia is at 18 month highs," Mr Wright said.
Pike River Coal rose 4c to 99, which brokers attributed to positive sentiment toward the sector and the backdrop of ongoing corporate activity in the coal sector in Australia.
Air NZ rose 1c to 139 after a strong performance yesterday following a buy recommendation from Forsyth Barr.
NZ Windfarms was unchanged at 37 after resolving a dispute with its turbine supplier. Tourism Holdings rose 3c to 94, and NZ Refining rose 14c to 394.
NZ Farming Systems Uruguay rose 1c to 39, though PGG Wrightson was unchanged at 57.
SkyCity rose 3c to 329. Michael Hill rose 2c to 70 and The Warehouse was unchanged at 380. Infratil rose 1c to 175 and $24m worth of its shares traded.
NZOG rose 2c to 160. TrustPower rose 2c to 727.
Freightways eased 2c to 318, Hellaby eased 2c to 164 and Rakon eased 1c to 97. Hallenstein Glasson eased 3c to 340. APN News fell 5c to 302.
In the United States, the banking sector got a lift from positive analyst comments, while minutes from the Federal Reserve's last meeting eased concern over rising rates.
The minutes suggested the central bank could keep interest rates at ultra-low levels longer than investors have anticipated if the economy worsens. Lower rates support financial shares, which have been at the centre of the market's year-long rally.
The Dow Jones industrial average came within 13 points of the 11,000 level - which it last crossed in September 2008 - in afternoon trading in a brief run into positive territory after the Fed's minutes.
By the end of trading, the Dow was down 0.03 per cent at 10,969.99, the Standard & Poor's 500 Index gained 0.2 per cent to 1189.44, and the Nasdaq Composite Index rose 0.3 per cent to 2436.81.
Earlier, the S&P 500 hit an 18-month intraday high at 1191.80, and the Nasdaq touched a 19-month intraday high at 2443.50.
- NZPA
Contact pushes market to 18-month high
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