NZ stocks: Market rises slightly

The New Zealand sharemarket notched up a modest gain today as equity markets in many countries rallied after a jobs report in the Untied States on Friday boosted sentiment.

The benchmark NZX-50 index closed up 7.373 points, or 0.214 per cent, at 3459.509 after opening down 4.03 points. Turnover was worth $116.86 million. There were 51 rises and 24 falls among the 111 stocks traded.

The New Zealand dollar was a strong performer today on further evidence of high commodity prices, but analysts said the equity market has had a strong run and profit-taking is likely. The NZX-50 has risen for 14 consecutive sessions.

Fletcher Building, which drove the market last week, eased a cent to 933. Telecom rose 2c to 206.5.

Goodman Fielder rose 2c to 168, Ebos Group rose 4c to 760 and Abano Healthcare rose 3c to 455.

Kathmandu rose 2c to 232, The Warehouse rose 4c to 355 and Hallenstein Glasson rose 4c to 381, though Pumpkin Patch was unchanged at 133..

Fisher & Paykel Healthcare rose 3c to 317 and NZX rose 1c to 216.

Nuplex eased 8c to 297, Rakon eased 3c to 109 and OceanaGold eased 8c to 360. Auckland Airport eased 2c to 220.5 and Infratil eased 1c to 192. Contact Energy eased 1c to 582. Cavalier Carpets eased 2c to 360.

In the United States on Friday (local time), stocks started a traditionally healthy month on strong footing.

Strong job growth and supportive comments on Federal Reserve policy from influential New York Fed Bank President William Dudley helped the market, but investors are looking to forthcoming earnings to kick the rally into a higher gear.

The Dow Jones industrial average hit 12,419.71 - its highest intraday level going back to June 2008 - before closing up 0.5 per cent at 12,376.72, the Standard & Poor's 500 rose 0.5 per cent to 1332.41, and the Nasdaq Composite gained 0.3 per cent to 2789.60.

For the week, the Dow gained 1.3 per cent, the S&P added 1.4 per cent and the Nasdaq rose 1.7 per cent.

April is the best month for the Dow industrials going back to 1950, with an average gain of 2 per cent, according to the Stock Trader's Almanac.

- NZPA