NZ stocks: Week ends on positive note

The sharemarket ended a cautious week's trading on a positive note today, with Fletcher Building the standout performer.

The benchmark NZSX-50 gross index gained 8.06 points to close at 3452.79, while the NZSX-All capital index rose 3.80 points to 1057.06.

Fletcher Building, which hit a record high of 796 in intraday trading, ended the day up 15c at 792.

Head of research at First NZ Capital Barry Lindsay said investors seemed to be recognising that Fletcher Building is a very sound business, and is also much more cheaply rated than its Australian peers.

Telecom has the highest value of turnover, with $42.8 million of its shares trading hands, but the top stock ended the day unchanged at 602.

Total market turnover today was worth $146 million, with 59 rises and 52 falls among the 157 stocks traded.

Mr Lindsay said a combination of factors -- the increasing likelihood of an interest rate rise next month, last week's current account deficit blow out, and the uncertainty over the election outcome -- has lent a cautious tone to trading this week.

The final outcome of the election will be announced tomorrow.

Mr Lindsay said he had expected today to trade in positive territory as it was the end of the calendar quarter, and was also the end of the financial year for a number of institutions.

Feltex gained 2c to 55c. The carpet maker released its annual; report today which outlined its operations outlook. The report said Feltex could increase its role as a synthetic carpet importer and was reviewing the extent of its presence in high-volume segments of the carpet-making market.

Freightways rose 2c to 330 after it said today it had bought courier Kiwi Express for $3.5 million.

The cash purchase will be funded from existing finance facilities.

Sky TV hit a record high of 620 during the day, before settling back to end the day up 1c at 616.

Infrastructure investor Infratil fell 3c to 391. It said today it had raised $84.2 million through the issue of two long-dated bonds.

Fisher & Paykel Appliances booked an 11c gain to 353. Earlier this week the company announced it would locate its new manufacturing facility in the United States in Clyde, Ohio.

- NZPA