NZ stocks: Sharemarket continues bumper week

The bumper week for the sharemarket continued today as the benchmark index pushed up to another all-time high.

The benchmark NZSX-50 gross index was up 12.38 points or 0.47 per cent to 2648.77. The NZSX-All capital index was up 4.52 points, or 0.51 per cent, to 894.99.

ABN Amro Craig's Bryon Burke said there was a "huge amount of cash" in the market at the moment due to a number of factors.

Some investors have switched from the bond market to shares in search of better yield, while others are cashed-up as a result of a number of recent and upcoming capital returns.

Market leader Telecom was up 5c at 579 on turnover worth $54.2 million.

Total market turnover for the day was worth $112.8 million. Of the 148 stocks traded there were 72 rises and 36 falls.

Carter Holt Harvey, the second largest stock in the NZSX-50, fell 5c to 221. The forestry company today announced its first quarter net profit fell 25 per cent from a year earlier to $38 million against analysts' expectations of $45 million.

Contact Energy had another big gain today, up 12c to 573c, following on from yesterday's rise of 13c

Fellow electricity company TrustPower was also up, rising 3c to 416.

Fisher & Paykel Healthcare was up 7c to 1245. Mr Burke said the weakening kiwi dollar, which today plunged to a five-month low, was beneficial for export companies like F&P Healthcare.

Lion Nathan rose 13c to 719c. Fellow brewing giant DB Breweries was also up, rising 25c to 850.

Waste Managment rose 9c to 452, following on from an 8c rise yesterday after its chairman forecast the company's profit growth for the year was likely to match last year's 23 per cent rise.

Other stocks on the move today included: Auckland International Airport, up 12c to 670, Cavalier Corporation up 5c to 490c, Fletcher Building up 2c to 463, Air New Zealand up 2c at 45, Port of Tauranga up 5c to 485, Michael Hill Jeweller up 8c at 595 and Tower up 3c at 168.

On the downside, Ports of Auckland fell 5c to 735, Independent Newspapers was down 4c at 480, The Warehouse down 2c at 428 and F&P Appliances down 1c at 438.

- NZPA