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The corporate reporting season got under way in earnest today with Fletcher Building reporting a 27 per cent fall in profit and its shares rose.
The iconic building firm, which celebrates the centenary of the Fletcher brand this year, witnessed its shares rise to 570 before they fell back to close up 4c at 554. The shares are well off the $10-plus level of a year ago.
"The shares went up pretty steeply to start with. The New Zealand market seems to be starting off with a real burst in the morning and then tapering off in the afternoon," said Stuart Hardie, investment adviser at ABN Amro Craigs said.
Telecom steps up with its second quarter result tomorrow and it was up 7c at 266 today.
The benchmark NZSX-50 index closed up 19.921 points, or 0.73 per cent, at 2750.146. Turnover was worth $102 million. There were 36 rises and 33 falls.
The New Zealand market's rise came after US stocks rose in a choppy session after lawmakers reached a deal on a US$789 billion ($1.5 trillion) stimulus package that is seen as crucial to reviving the recession-hit economy.
Other New Zealand companies to report today included Metlifecare, Steel & Tube and Tenon. Metlifecare, which announced a rights issue, was untraded. Tenon fell 10c to 40 and Steel & Tube rose 15c to 310.
APN, owner of the NZ Herald newspaper, fell 12.5 per cent to 175 and the move was queried by ASX.
SkyTV rose 10c to 423, TrustPower rose 1c to 772 and Freightways rose 9c to 307.
The Warehouse eased 5c to 345 and Tower eased 2c to 159.
NZ Refining eased 3c to 727 after announcing Shell had advised its shareholding in the company is under review.
The Dow Jones industrial average gained 50.65 points, or 0.64 per cent, to 7939.53. The Standard & Poor's 500 Index climbed 6.58 points, or 0.80 per cent, to 833.74. The Nasdaq Composite Index added 5.77 points, or 0.38 per cent, to 1530.50.
- NZPA
