KEY POINTS:
The stock exchange followed the lead of overseas markets with a 1.6 per cent bounce today.
Top stock Telecom gained 9c, or 2.5 per cent, to 368 as investors dragged the stock further up from a low of 325 a fortnight ago.
Among other leading stocks, Contact Energy was up 15c to 835, while Fletcher Building was also up 15c to 640 as it struggles to pull away from a low of 598 in mid-July.
The benchmark NZSX-50 index was up 52.26 points to 3287.76, having slipped 21 points yesterday. Rises outnumbered falls by 61 to 22 among the 125 stocks traded today, with turnover of 31.9 million worth $110.3 million.
"We took our lead from overseas markets, following along with the rest of Australia and Asia which were all positive," Stephen Wright of ASB Securities said.
Late in the day, comments from Reserve Bank Governor Alan Bollard that there was room for more interest rate cuts, helped to consolidate gains.
Export stocks were also doing well as the NZ dollar fell away, while falling oil prices helped the market generally and gave transport companies a particular boost, Mr Wright said.
Mainfreight ended the day 23c higher at 673, while Freightways rose 18c to 318.
Air New Zealand gained 4c to 127, helped both by the fall in oil and following the overseas trend for airline stocks.
Other stocks to make strong gains were Fisher & Paykel Healthcare, up 13c to 273, Nuplex 15c to 550, Trustpower 15c to 785, and Briscoe 9c to 105.
Gaining 6c were Auckland Airport, to 194, and Hellaby Holdings to 170, while 5c rises were recorded by Port of Tauranga, to 655, and Steel & Tube, to 290.
Among stocks losing ground was Tourism Holdings, down 8c to 140, The Warehouse 6c to 382, and Sky TV 5c to 450. Property for Industry lost 3c to 116, and Rakon lost 3c to 265.
- NZPA
