NZ stocks: Market maintains firm tone as indices test new highs

The main benchmark indices pushed to new highs today as the sharemarket maintained its firm tone in morning trading.

The NZSX-50 gross index topped the 2500 mark, thrusting to a new high of 2503.36, up 7.05 points for the day. The NZSX-40 capital index probed new five-year highs, rising 4.88 points by 11.30am to 2325.35.

The market yesterday rose 0.7 percent on healthy turnover despite the Wellington anniversary holiday.

Market leader Telecom, which yesterday gained 8c to finish at a 2-1/2 year high of 560, inched up another 2c to 562, recovering from early weakness. This was in spite of media coverage of emerging broadband player Woosh's plans to set up a voice network to rival Telecom's.

Telecom dominated turnover with $22.2 million of the market total of $50 million.

There was more than $8 million worth of National Australia Bank shares traded. The stock has been under pressure after revealing $A180 million ($NZ210 million) of unauthorised foreign exchange trading losses last week.

Carter Holt Harvey continued to push on above $2, rising another 1c to 203 today. A World Trade Organisation ruling against subsidies of Canadian softwood is seen as positive for New Zealand forestry companies.

Other leaders to gain included The Warehouse, 1c to 525, Auckland Airport, 5c to 680, Ports of Auckland, 6c to 786, Fisher & Paykel Healthcare, 2c to 1240 and Fisher & Paykel Appliances, 4c to 379.

On the downside, Turners Auction fell 11c to 479 and Pine Gould Guinness fell 7c to 116.

There were 34 rises and 33 falls among the 112 stocks traded.

The market received no lead from Wall Street which was on holiday for Martin Luther King day.

- NZPA