NZ stocks: Shares hit fresh closing high as Fletcher Building extends gains

The New Zealand sharemarket topped a solid day's trade with a fresh closing high today, with a crop of good gains headed by a surging Fletcher Building.

At 5pm the NZSX-50 gross index was up 13.11 points at 2700.71, while the NZSX all capital index was up 4.60 points at 907.85.

Fletcher Building led the market higher, closing at 482, its highest since late 1997 on reports the Government had relaxed immigration rules. Net immigration gains are accepted as underpinning New Zealand's recent property and building boom.

The stock's 2.77 per cent gain today added to yesterday's 2.4 per cent or 11c gain.

Forsyth Barr dealer Ken Lister said the day's solid trade, worth $109.32 million in total turnover, was also aided by gains a slew of other top stocks.

"Overall a pretty good day considering offshore markets were negative last night," he said.

The market's other big story today was Hallenstein Glasson's announcement of a significant profit upgrade.

The clothing retailer's shares rose 17c or 5.61 per cent to 320 to their highest level in 10 years after it said it expected its profit for the year ending August 1 to "significantly exceed" 2003 earnings. The company posted a full year net profit of $11.46 million in 2003, and a net profit of $6.99 million for the first half of this financial year.

Elsewhere across the top of the board, lead stock Telecom ended a cent higher at 588, while Auckland International Airport rose 6c to 681, Carter Holt Harvey up a cent to 204, Independent Newspapers Ltd up 10c to 481, Sky City up 7c to 482, Sky TV up 4c to 529, Steel and Tube Holdings up 5c to 422, Tower up 4c to 171 and The Warehouse up 2c to 413.

Other stocks to move today included: Air NZ down a cent to 41, APN News and Media up 2c to 478, BayCorp Advantage up 3c to 333, Briscoe up a cent to 127, Fisher & Paykel Appliances down a cent to 459, Fisher & Paykel Healthcare down 2c to 1314, Infratil up 2c to 302, NGC Holdings up 10c to 298, NZX down a cent to 840, Ports of Auckland down 5c to 700, Ports of Tauranga up 10c to 520, Promina down 10c to 435, Teamtalk up 5c to 250, Telstra up 2c to 550, Toll NZ down 2c to 174, Turners Auctions down 8c to 512, Waste Management up 2c to 487, and Wrightson up 2c to 137.

There were 55 rises and 47 falls among 156 stocks traded today.

- NZPA