NZ stocks: Sharemarket reaches fresh high

The sharemarket benchmark index, the NZSX-50, hit a fresh high today as investors continue to embrace the equity market.

The NZSX-50 gross index rose 12.36 points, or 0.47 per cent, to 2636.39. The NZSX-All capital index rose 2.64 points, or 0.34 per cent to 890.47.

ABN Amro Craigs broker Matt Willis said today's upward movement was the continuation of a positive trend in recent weeks.

"I think the interest rate environment and the lack of value in the bond market is still creating some good flow into the equity market, (for investors) chasing dividend yield," he said.

Market leader Telecom was unchanged at 574.

The market's turnover was worth $99.5 million. Of the 152 stocks traded there were 67 rises and 41 falls.

Waste Management rose 8c to 443, after chairman Jim Syme said the company's forecast profit growth in the current financial year would match last year's 23 per cent rise.

Mr Willis said there had been some low-volume profit taking on recent outperformer Fisher & Paykel Healthcare, which fell 9c to 1238.

There was no market reaction to Craig Norgate's Rural Portfolio Investments (RPI) formally launching its partial takeover offer for Wrightson today. Wrightson remained unchanged at 142.

Auckland International Airport rose 14c to 658. Maccquarie Equities today raised the stock to "outperform" from "market perform".

Ports of Auckland fell 10c to 740, after today announcing container volumes for the year ended March were up four per cent on the previous year.

Contact Energy rose 13c to 561. Mr Willis said the market was grappling with two contrasting issues for the company.

He said while the fundamentals were good for electricity generators at the moment, investors were concerned about how the sale of the US-based Edison Mission Energy's stake in the company would proceed - by way of an institutional placement or a trade sale.

Other stocks on the move today included: Carter Holt Harvey down 1c at 226, Restaurant Brands down 4c at 132, Tourism Holdings down 4c at 159, Sky City Leisure down 10c at 85c, Sky Network TV down 5c at 520 and New Zealand Oil and Gas down 9c at 66.

On the upside, Sanford gained 5c to 490, Guinness Peat Group rose 5c to 228, Hallenstein Glasson up 6c at 312, Independent Newspapers up 4c at 484, Trustpower up 8c at 413, Port of Tauranga up 10c at 480.

- NZPA