NZ stocks Market rises, leaders mixed

The New Zealand sharemarket rose today but many eyes were on the Australian market's resource stocks.

The benchmark NZSX-50 rose 18.795 points, or 0.668 per cent, to 2834.508. Turnover was worth $96.4 million. There were 55 rises and 26 falls among the 120 stocks traded.

"You'd have to say it was a mixed day of trading," ABN Amro Craigs senior dealer Bryon Burke said. "Really the major activity was in Australia with BHP and Rio," he said.

Rio Tinto scrapped a planned US$19.5 ($31) billion partnership with Chinalco in favour of an iron ore joint venture with rival BHP Billiton, and a US$15.2b deeply discounted rights issue.

In New Zealand, leader Telecom had a good day, rising 5c to 261.

But Contact Energy fell 15c to 580. TrustPower rose 10c to 785.

Mr Burke said Fisher & Paykel Appliances performed well considering trading of rights in its rights issue began. Its shares fell 2.5c to 69. The rights traded at 28c.

Fletcher Building fell 4c to 695 and announced a proposal to close a particleboard plant today.

Infratil was a feature today. It disclosed Energy Developments, a company it has a shareholding in, has had an approach from a consortium of private equity funds. Infratil shares were put on a trading halt but they were up 7c to 170 ahead of the halt.

Guinness Peat Group rose 1c to 71. Turners and Growers fell 5c to 170. The company told shareholders yesterday that it wanted freedom to export Kiwifruit.

Property plays were popular. Goodman Property rose 2c to 85, AMP Office rose 3c to 76 and Kiwi Income Property Trust rose 1c to 93.

Fisher and Paykel Healthcare rose 8c to 315. The Warehouse rose 6c to 377. Freightways rose 8c to 298 and Michael Hill rose 3c to 69.

NZOG rose 7c to 162 and Pike River Coal rose 5c to 120.

US stocks rose on Thursday after RBC Capital Markets upgraded the banking sector, and soaring prices of oil and other commodities lifted natural resource companies.

The Dow Jones industrial average gained 74.96 points, or 0.86 per cent, to 8750.24. The Standard & Poor's 500 Index climbed 10.70 points, or 1.15 per cent, to 942.46. The Nasdaq Composite Index rose 24.10 points, or 1.32 per cent, to 1850.02.

- NZPA