NZ stocks: Index hits fresh high

The sharemarket's benchmark index forged a fresh high today in generally positive trading.

The NZSX-50 gross index gained 17.48 points to close at a record 3449.41. The milestone was reached on turnover worth $162.5 million.

Strong performances by the market's top stocks led the way up, with Telecom rising 5c to 609, Contact up 3c to 752 and Fletcher Building up 4c to 778.

Trans Tasman Properties (TTP) gained 3c to 49c on news of a restructure. The company will separate its Australasian and Asian assets. The Asian assets will form a new company (Newco) domiciled in Bermuda and listed on the London Stock Exchange Alternative Investment Market (AIM).

Grant Williamson, of Hamilton, Hindin, Greene, said TTP has been a pretty lacklustre performer in recent years compared to other property stocks. While the share price rose today he said there was still room for further improvement.

"It's still well short of asset values."

Just over 1.5 million shares in Charlie's changed hands today after the juice business announced plans to buy rival firm Arano. The stock gained 1c to 14c.

Charlie's has entered into three conditional agreements, with Devore Group, Dysart Beverages and JuiceExtractors NZ, to buy Arano's brand and assets.

Payment will be $4.65m in cash and six million Charlie's shares.

Investors in both Infratil and Austral Pacific reacted positively to the news that Infratil has bought an 11 per cent stake in the oil and gas explorer Austral.

Austral Pacific sold the shares in a placement, with Infratil buying in at $3.60 a share, investing just over $9m.

Infratil was up 9c to 395 today, while Austral Pacific gained 27c to 402.

Mr Williamson said having a quality investor like Infratil as a major shareholder would attract others to Austral.

Mooring Systems, which earlier this week said it had lost out on a project to supply ship-to-ship mooring equipment for the United States Navy, fell 20c to 430.

There were 62 rises and 45 falls among the 157 stocks traded today.

- NZPA