NZ stocks: F&P healthcare stars on sharemarket

6.24PM

Fisher & Paykel Healthcare was the flavour of the day on the sharemarket today, rising to a two and a half year high.

Investors have reacted positively to recent news the company is pushing it foot further into the door of the United States market, with F&P Healthcare shares up 35c, or 2.51 per cent, to 1430. ABN Amro Craigs broker Matt Willis said the rise was on the back of a recent announcement of the planned launch of two new flow generators for the treatment of sleep apnea.

"They are clearly getting very good traction in the US market... and that announcement I think has perhaps woken investors up to the fact they are making very good headway in the US markets," Mr Willis said.

The broader market was also up, with the benchmark NZSX-50 gross index up 3.89 points to 2740.77, and the NZSX-All capital index up 1.60 points to 915.45.

Although its former sister company was riding high, by contrast, F&P Appliances was under pressure today, falling 5c to 405.

Bellwether stock Telecom rose 3c to 569, and also dominated turnover with trades worth $42.5 million out of total market turnover worth $138.4 million.

Taking a dip today was Lion Nathan, which fell 10c to 760 on news of the sale of its China operations. The brewer today announced it has entered into an unconditional agreement to sell its Chinese beer business to China Resources Breweries (CRB) for US$154 million ($236m). CRB is a joint venture owned by Britain's SABMiller and China Resources Enterprises, and is the second largest brewer in China, operating more than 30 breweries in the Chinese mainland.

Tower rose 5c to 210 as it prepares to offload its Australian wealth management business. The company said it is looking to spin off the business, but brokers speculate it is trying to flush out a trade buyer for the unit, valued at around $255 million.

Ebos fell 7c to 403, after its its second biggest shareholder Romney (No 30) quit the company.

Pure New Zealand today posted a preliminary June year loss of $862,000, an improvement on last year's deficit of $1.4m. Pure NZ did not issue a dividend and its stock was unchanged on 2.5c.

Restaurant Brands rose 1c to 128. Yesterday, the fast food operator posted flat sales figures for the 16 weeks to September 6, but forecast better times ahead.

Of the 153 stocks traded today there were 42 rises and 59 falls.

Other stocks on the move today included: Contact Energy down 3c at 573, NZX down 5c at 815, The Warehouse down 3c at 420, Pumpkin Patch up 7c at 198, and Ports of Auckland up 11c at 660.

- NZPA