NZ stocks: Contact rise and Vertex stand boost market

12.00pm

A rise to record highs by Contact Energy and a stand in the market for Vertex today continued the positive tone set by the New Zealand sharemarket yesterday.

The top 40 index was up 9.86 points to 1957.78 by 11.40am on moderate turnover worth $34.5 million. Yesterday the market rose 12 points, more than half a per cent.

Number 33 stock Contact raced up 24c to a new record of 450 today before easing back to 444. The power and gas company announced mildly positive first quarter results yesterday and has announced at its annual meeting this morning that it will restore its New Plymouth station to duel fuel capacity to help meet the shortfall from the Maui gas field.

Topping the volume at 5 million was Vertex, which spiked 14c to 146, off its year high of 202. That followed confirmation that broking house JB Were was trying to acquire 19.9 per cent of the plastics and packaging company at a price of $1.45.

Vertex hit a low of 110 after issuing a profit warning in September, having listed in July at 205.

Market leader Telecom was the most valuable stock, rising 2c to 451 on trading worth $14.2 million.

The Warehouse continued its recovery from last week's hammering, rising 4c to 600.

Other stocks on the move included Carter Holt up 2c to 178, Fletcher Building down 8c to 370 on slim volume, Hallenstein Glasson up 5c to 287, Fisher & Paykel Appliances down 8c to 1052, Vending Technologies down 4c to 81, NZ Refining up 20c to 1820, Sky City Leisure down 8c to 177 and takeover target Richmond which fell 10c to 290.

There were 34 rises and 21 falls on 96 stocks traded.

- NZPA