NZ stocks: Index breaks 2000 for first time since November

12.00pm

A rise to six-month highs by number two stock Carter Holt Harvey today pushed the top 40 index above the psychological 2000 barrier for the first time since early November.

Carter Holt initially rose 4c to 192, its highest level since mid-July, but eased back to 190 by 11.30am. There was chunky volume worth $3.4 million.

Carter Holt was outshone by a spectacular 20c gain by Sky City, which jumped to a fresh all-time high of 825. The casino operator has been in constant demand and has risen from 630 at the start of last year.

JB Were broker Peter Stokes said greater interest in commodity stocks overseas had been driving Carter Holt's price. It started the year on 175.

"People see there is a bit more of a compelling investment case," he said.

The NZSE-40 capital index was up 7.00 points to 2001.88 on volume worth $23 million.

Mr Stokes said market action was stock specific rather than overall tone, particularly as the US market failed to give any clear direction on Friday.

Market leader Telecom was down 1c to 469 on turnover worth $5.4 million.

Air New Zealand rose 2c to 55. After the market closed on Friday, United Airlines, which had filed for bankruptcy protection, announced it was quitting New Zealand. That leaves the Auckland-North American routes to Air New Zealand and prospective partner Qantas.

Despite the loss of a big customer, Auckland Airport gained 6c to 548.

There were few other moves of note. Independent Newspapers rose 5c to 330 as did sister company Sky TV, to 363, Michael Hill fell 5c to 630, Hellaby gained 5c to 330, Tower fell 3c to 220, Turners Auctions rose 4c to 274, and Ports of Auckland rose 10c to 680.

There were 28 rises and 27 falls among the 104 stocks traded.

- NZPA