Market close: Chorus continues climb towards all-time high

Chorus climbed 30c or 3.61 per cent to $8.60, short of its high of $8.67 on August 26. Photo / Chorus

Network operator Chorus sustained its climb to all-time highs during a quiet and steady day on the New Zealand sharemarket.

The S&P/NZX50 Index gained 35.13 points or 0.3 per cent to 11,859.45 on light volume of 72.14 million shares worth $125.48 million. There were 76 gainers and 51 decliners over the whole market.

Chorus, which has built 70 per cent of the country's fibre optic network for ultra-fast broadband, climbed 30c or 3.61 per cent to $8.60. Chorus started the year at $6.30 and has risen more than 30 per cent, reaching a high of $8.67 on August 26.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said with more people working from home, internet traffic has increased 30-40 per cent. "Chorus has had a good run in the last 12 months and it's continuing its march onwards."

Online travel provider Serko was the day's big mover after news it will join the S&P/NZX 50 Index on September 21, replacing New Zealand Refining Company. Serko's share price surged 33c or 8.40per cent to $4.26.

Sky Network Television had an earnings upgrade from Macquarie Bank and its share price rose 8c or 5.76 per cent to 14.7c. Sky TV is announcing its latest financial result on Thursday.

Market heavyweights had flat days. Fisher and Paykel Healthcare was up 5c to $34.30 after having a late fall on total trade worth $7.18m, and a2 Milk edged ahead 3c to $18.30 on trade worth $13.8m. Mainfreight gained 15c to $47.25 and fishing company Sanford was up 7c to $5.82.

Energy companies Mercury and Meridian were also ahead 2.5c to $4.97 and 6c to $5.25 respectively. Recovery stocks, clothing retailer Hallenstein Glasson Holdings gained 14c or 3.23 per cent to $4.48; and cinema software company Vista Group gained 7c or 3.85 per cent to $1.89, having climbed more than 30 per cent in August.

Fast food operator Restaurant Brands was down 24c to $12.06 and manuka honey producer Comvita fell 8c or 2.44 per cent to $3.20.

Kiwi buy now, pay later online firm Laybuy had a strong debut on the Australian stock exchange, rushing to A$2.30 ($2.50) before falling to A$2.09 at 5.45pm after issuing shares at A$1.41 each. There was strong investor interest with 15.2 million shares traded.

Port of Tauranga's chief executive Mark Cairns announced he will be retiring in June next year after more than 15 years in the role. Cairns has overseen considerable growth in the port business, with total cargo increasing from 12.6m tonnes in 2005 to 24.8m tonnes in the last financial year, and TEUs (20-foot container units) from 438,214 to 1.25m last year. Port of Tauranga's share price slipped 6c to $7.31.

Embattled Tourism Holdings is selling 1000 motorhomes to the value of more than $70m to pay off debt and it has established a pop-up rentals branch near Auckland airport following the fire at its Mangere facility. Tourism Holdings' share price slipped 2c to $2.14.

Incredibly, SMW Group (formerly Aorere Resources) moved 42c or 35.59 per cent to $1.60 on just three trades worth $3000. "It's a very small stock that is tightly held and it doesn't take much to push them around," said Sullivan.