NZ stocks: Telecom underpins NZ market, Ryman sale features

The sharemarket continued to stretch to new highs today with lead stock Telecom underpinning the market.

Telecom lifted 2c to 521 and helped boost the NZX50 gross index to a new high of 2179.14, up 9.41 by 11.30am. The NZX40 capital index was up 10.16 to 2127.33.

Turnover of $77.8 million was boosted by 31 million shares worth $48.3 million traded in Ryman Healthcare. The top three shareholders had sold down their holdings at 155c per share compared with yesterday's 176c close. Ryman was down 8c to 168.

ABN Amro Craigs broker Matt Willis said the sale, at a 12 per cent discount, was good news for the stock in the long term. It would increase liquidity and by increasing the free-float in the stock, possibly allow it to enter the top 40 index and NZX50 index.

The placement to 15 institutions also included an allocation to three retail investors.

The Warehouse continued its revival since the knockback when chief executive Greg Muir said last month he was stepping down because of philosophical differences with the board. The stock rose 113c to 5124 as investors expressed confidence that founder Stephen Tindall, temporarily back at the helm, would steer the company back on course.

Fellow discount retailer Briscoe was up 1c at 200.

Fletcher Building was up 5c at 370, Independent Newspapers was up 3c to 429, while sister company Sky TV was up 3c to 458 and NGC was up 3c to 168.

Fisher & Paykel Appliances was up 20c to 1330, having eased 35c yesterday on profit taking. Sister company F&P Healthcare was up 3c to 1150.

Rarely traded Horizon, was up 10c to 395.

Tranz Rail was up 1c at 91.

Shotover Jet was down 9c to 81c.

There were 50 rises and 20 falls among the 116 stocks traded.

US blue chips stumbled lower as a batch of profit warnings from companies like Eastman Kodak poured cold water on the optimism that has driven a sharp three-month rally on Wall St.

But the tech-packed Nasdaq Composite Index inched up to post its highest close in about 13 months after a sweetened bid for PeopleSoft Inc by rival Oracle Corp.

The Dow Jones industrial average fell 29.22 points, or 0.31 per cent, to 9293.80, and the broader S&P 500 sagged 1.57 points, to 1010.09.

- NZPA