Telecom, Kathmandu help market rise

File photo / NZ Herald

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

The NZX-50 index closed up 7.37 points, or 0.21 per cent, at 3459.51 after opening down 4.03 points. Turnover was worth $116.86 million. There were 66 rises and 34 falls among the 111 stocks traded. The New Zealand dollar was a strong performer on further evidence of high commodity prices, but analysts say 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 $9.33. Telecom rose 2c to $2.06.5.

Goodman Fielder rose 2c to $1.68, Ebos Group rose 4c to $7.60 and Abano Healthcare rose 3c to $4.55.

Kathmandu rose 2c to $2.32, The Warehouse rose 4c to $3.55 and Hallenstein Glasson rose 4c to $3.81, though Pumpkin Patch was unchanged at $1.33.

Fisher & Paykel Healthcare rose 3c to $3.17 and NZX rose 1c to $2.16.

Nuplex eased 8c to $2.97, Rakon eased 3c to $1.09 and OceanaGold eased 8c to $3.60. Auckland Airport eased 2c to $2.20.5 and Infratil eased 1c to $1.92. Contact Energy eased 1c to $5.82. Cavalier Carpets eased 2c to $3.60.

In the United States on Saturday (NZT), stocks began a traditionally healthy month on a strong footing.

Strong job growth and supportive comments on policy from 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