NZ stocks: International investors boost market

The sharemarket was pushed up yesterday by market leaders Telecom and Fletcher Energy as international investors looked to increase their New Zealand holdings.

Telecom ended 2c off its highs but up 15c on Friday's close at 523.

Internationally, the telecommunications sector had found more favour after its horror year in 2000, Macquarie Securities broker Nathan Lewis said.

Fletcher Energy rose 18c to 855. It was helped by the 14.5 per cent rise in the price of US associate Capstone Turbines on the Nasdaq on Friday and the weaker New Zealand dollar. Energy topped the $95.4 million turnover at $38.2 million.

The NZSE-40 capital index ended up 15.38 points, 0.8 per cent, at 1943.79, and the NZSE-10 gained 11.37 to 855.24.

But the small stocks did not come to the party, the index dropping 14.20 points to 5130.00.

Fletcher Building continued its good run, rising 10c to 228. Fletcher Forests was up another 1c in the morning but ended the day square at 35c.

There was continuing good turnover in Baycorp, which gained 12c to 1270. Brokers said there was talk of corporate activity in the stock.

Another to continue its strong performance was Sky City, up 9c to a record high of 839.

Tower fell 20c to 505 after shedding a 14c dividend. The rest of the funds sector also had a bad day, with AMP off 110 to 2330 and Axa down 6c to 355.

Much of the market had a firm tone with Air New Zealand B up 4c to 211, Auckland Airport 3c to 326, Frucor 7c to 190, Hallenstein Glasson 5c to 230, Lion Nathan 5c to 505, Nuplex 5c to 340, RadioWorks 14c to 915, Sandford 7c to 482 and Tricity 12c to 830.

Commsoft rose 8c to 130 after announcing it had bought software firm Marketing Technologies for $5.75 million in shares and cash.

Advantage fell 4c to 121 and others to buck the trend included Cavalier, down 11c to 460, E-ventures 4c to 32, Nufarm 5c to 385, and The Warehouse 10c to 586.

Rises outnumbered falls 61 to 44.

- NZPA