NZ stocks: Market starts week on the rise

The New Zealand sharemarket opened brightly this morning, driven by gains at Fisher & Paykel Appliances and the firm's healthcare division.

"We've fallen a way a bit on the currency markets. That'll be driving the gains and giving strength to export stocks, said ABN Amro Equities dealer Matt Willis.

The benchmark NZSX-50 gross index regained most of last week's losses, opening up 21.80 points at 3354.77, while the longer standing NZSX all capital index was down 8.55 points at 1036.97.

Appliances was up 3c to 336, while Healthcare rose 4c to 355.

Air New Zealand, meanwhile, declared a June-year net profit of $180 million today.

The national carrier announced a pre-tax profit of $235 million, which was above a profit guidance of $220m given by the airline in June.

"Ralph Norris has done an extremely good job of turning the business around of what was obviously a near terminal problem, Mr Willis said.

However, he warned the company was "facing the headwinds of extremely high oil prices."

Shares in the company were flat on 125 this morning, with chairman John Palmer warning the current year performance could fall 40 per cent if rising fuel costs continued.

Elsewhere, Telecom was down 19c to 601 after paying a 20c dividend today, No 2 stock Contact Energy was up a cent to 746, Auckland International Airport was up 1c to 213, and Infratril rose 2c to 388.

Investment firm Hellaby Holdings, which on Friday recorded a slight rise in its June year net profit, was up 5c to 600.

The Warehouse was up 2c to 380 -- with still no end to speculation about its Australian operations.

Shares in Australian discount chain Miller last week gained strongly on speculation it is about to tie up with The Warehouse.

Carter Holt Harvey was down a cent on 253, NGC Holdings was up 5c at 428, Fletcher Building was up 4c to on 750, and Evergreen Forest was up 2c to 32.

Fruit juice company Charlies rose 16 per cent to 11.5c.


This morning 9.6 million stocks were traded with a value of 31.5 million. Rises outnumbered falls by 41 to 33 of 117 stocks traded.


- NZPA