NZ stocks: Share market rises further

The New Zealand share market posted gains again today but brokers said investors taking profits knocked the market back from its best levels.

The benchmark NZSX-50 index closed up 23.514 points, or 0.83 per cent, at 2854.874. Turnover was worth $102 million. There were 61 rises and 28 falls among the 119 traded.

AMP NZ Office Trust fell 7c to 76 after announcing a rights issue to raise $201 million from unit holders.

Grant Williamson, director at Hamilton, Hindin, Greene, said the news was unexpected and it affected other listed property trusts.

Goodman Property Trust was down 2c at 80, Kiwi Income Property Trust was down 3c to 90, and ING Medical Property Trust was down 2c to 114.

The worry is that bankers of property companies will want more capital raised to compensate for lower property values.

Telecom eased a cent to 282, which was attributed to profit-taking. The company settled a dispute with rival Vodafone today.

"There is just some steam running out of this recent rally," said Mr Williamson.

Fletcher Building rose 3c to 684 and Contact Energy rose 5c to 610.

Fisher & Paykel Appliances rose 3c to 64 and had nothing to add when asked by NZX Regulation about its recent share price gains.

Lion Nathan was up 10c at 1490 but the company requested a trading halt while talks continue with Kirin about the takeover.

Air NZ, which remains in dispute with staff at its Zeal subsidiary, rose 2c to 105.

SkyTV rose 9c to 439 and Michael Hill rose 1c to 62.

Westpac rose 95 to 2615 and ANZ rose 80 to 2200.

Cavalier rose 5c to 175 and Pike River Coal rose 6c to 91. Nuplex rose 3c to 40 and Tower rose 7c to 154. SkyCity rose 14c to 293 and Infratil rose 6c to 166.

US stocks rose on Wednesday after a report suggested unemployment may be receding and leaked bank stress test results suggested most banks are healthier than previously thought.

The government is due to release stress test results on Thursday US time. The rally in bank stocks was widespread, with Citigroup jumping more than 16 per cent to $3.86, Bank of America up 17.07 per cent to $12.69 and JPMorgan gaining 7 per cent to $37.22.

The Dow Jones industrial average rose 101.63 points, or 1.21 per cent, to 8512.28. The Standard & Poor's 500 Index climbed 15.73 points, or 1.74 per cent, to 919.53. The Nasdaq Composite Index added 4.98 points, or 0.28 per cent, to 1759.10.

- NZPA