Stocks follow global rally in response to EU moves

New Zealand shares ended the week on a high, joining a global rally on signs Europe is beginning to address its debt crisis. Australia's S&P/ASX 200 Index rallied more strongly and Australian companies were among the biggest gainers on the NZX.

The NZX 50 Index rose 37.43, or 1.1 per cent, to 3383.64. Turnover was $99.7 million on a day when private retirement home operator Summerset Group set the price for the sell-down of Quadrant Private Equity's stake of almost 100 per cent at the low end of its range.

Australia's benchmark index rallied 2.3 per cent, driven by energy and resource stocks and financials on optimism global growth will not stumble and banks will cope with losses on euro debt.

"We're following the world," said Grant Williamson, a director at Hamilton Hindin Greene.

AMP, the Australian wealth manager, gained 5 per cent to $5.25. Westpac Banking rose 3.9 per cent to $27 and Australia & New Zealand Banking Group gained 3.8 per cent to $26.

Among major local companies, Fletcher Building rose 0.9 per cent to $7.88 and Contact Energy climbed 1.6 per cent to $5.64.

OceanaGold rose with mineral companies in Australia, climbing 4.7 per cent to $3.10.

Fisher & Paykel Healthcare rose 1.6 per cent to $2.59, the beneficiary of a New Zealand dollar which, while up yesterday at US77.38c, is down from more than US83c last month.

Energy World did not trade yesterday and last changed hands at 63c in April. The company said yesterday it would delist from the NZX from October 12 because of the lack of local interest and costs.

Its ASX-listed stock soared 13 per cent to A52.5c after the company said it was committed to a major LNG project in East Java.

Nuplex Industries declined 2.5 per cent to $2.70 and Vital Healthcare fell 1.8 per cent to $1.12.