NZ sharemarket ends little changed, Fletcher a feature

File photo / NZH

Fletcher Building was again the star of a New Zealand sharemarket that rose to its highest level since June 2008 today.

The market has notched up 12 successive trading days of gains, although the 6.69 point rise in the benchmark NZX-50 index to 3439.849 today was a modest 0.195 per cent. The index rose as high as 3444.14 during the session.

Fletcher Building rose 14c to 934 to a new three year high and accounted for half the $163.96 million value of shares traded. The company said yesterday it has more than 90 per cent of Crane Group and will move to compulsory acquisition of remaining shares.

"We have seen a continuation of heavy volume going through Fletcher Building in both markets," said David Price at Forsyth Barr.

"This is not driven on pure fundamentals. There is a big upweight in Fletcher Building post the Crane deal," he said.

Fletcher's larger size after the Crane acquisition means it will in future make up 15.3 per cent in NZX-50 compared to Telecom on 9.5 per cent. It will be nearly a quarter of the top ten index.

Guinness Peat Group eased 0.5 cents to 79 on news that Gary Weiss is leaving the role of executive director. Mr Price said it will be interesting to see where Dr Price turns up.

Scott Technology rose 3c to 145 on a day it said it has bought a controlling stake in electromagnet manufacturer HTS-110 Ltd, and it will ultimately fund the deal via a rights issue.

Kiwi Income Property Trust eased 1.5c to 100 after cutting the value of two Christchurch properties.

Nuplex fell 6c to 310, Sanford fell 4c to 516 and Contact Energy fell 3c to 582. Tower eased a cent to 187 and Mainfreight eased a cent to 894.

AMP Office Trust rose 1c to 82 and Auckland Airport rose 0.5c to 221.5.

PGG Wrightson rose 1c to 51 after Agria extended its offer and NZX rose 4c to 214. Restaurant Brands rose 4c to 229 and Kathmandu Holdings rose 4c to 230. Skellerup rose 2c to 133 and Abano Healthcare rose 3c to 453.

In the United States, stocks rose in activity dominated by money managers buying recent winners, including energy and small-caps, as the quarter nears its end.

The Dow Jones industrial average added 0.6 per cent to 12,350.61, the Standard & Poor's 500 rose 0.7 per cent to 1328.26, and the Nasdaq Composite gained 0.7 per cent to 2776.79.

- NZPA