NZ stocks: Top stocks continue to rise

Buoyant heavyweight stocks propelled the benchmark sharemarket index to a fresh closing high today.

The benchmark NZSX-50 gross index was up 16.34 points to a new closing high of 2709.81, while the NZSX-All capital index rose 4.57 points to 908.41.

Total market turnover was worth $96.9 million, with 55 rises and 49 falls recorded among the 156 stocks traded.

Bellwether stock Telecom rose 5c to 591 on turnover worth $44.1 million.

Macquarie Equities investment director Arthur Lim said stocks which made decent moves yesterday, were also the main drivers today. He said the prospect of the Reserve Bank of New Zealan d raising its official cash rate by another 25 basis points to 6 per cent when it meets on July 29, has increased international interest in Telecom.

"Telecom does tend to be a stock that offshore institutions buy when they perceive there is upside to the New Zealand dollar," Mr Lim sai d.

CHH shares were up after the wood products company yesterday said it had been cleared of predatory pricing by the London-based Privy Council, overruling an earlier High Court decision .

The company is also due to report its half year results next Thursday, and Mr Lim said the market was also hoping the company will provide an update on the potential sale of its forestry assets when it announces its results. CHH shares rose 5c to 217.

Contact Energy was up 4c to 595 by the close of trade today, having reached an intraday peak of 598.

Feltex continued to nudge up, rising 1c to 172.

Sky City Entertainment rose 3c to 475, after today announcing it had received regulatory approval to buy Darwin's only casino for A$195 million ($219 million).

Michael Hill International fell 5c to 612, ending its recent run up following an increase in annual same-store sales released earlier this week.

Retailer Smiths City Group said it was would finish trading on the alternative exchange at market's close today, joining NZX's main board on Monday. Its shares were unchanged at 80c.

Other stocks on the move today included: Auckland International Airport up 10c at 685, Fisher & Paykel Healthcare up 5c at 1302, F&P Appliances up 2c at 456, Ports of Auckland up 11c at 695, TrustPower down 8c at 480 and Cavalier down 10c at 495.

- NZPA