KEY POINTS:
The sharemarket ended the week on a firmer note but cautious investors were still eyeing the fortunes of the New Zealand dollar.
The benchmark NZSX-50 index rose 0.4 per cent or 18.79 points to 4212.45 on light turnover worth $108 million. Rises narrowly outnumbered falls 59 to 57 on 156 stocks traded.
Brokers said the market was in a news vacuum in the lead-up to the June 30 balance date.
But the currency was "the week's story," following the Reserve Bank's intervention , Macquarie Equities broker Kerry Porter said.
He said the dollar had not changed much despite the Reserve Bank's efforts, but there was a pullback emerging in fully-valued New Zealand stocks.
"Really what we want to see is stability in the currency."
Auckland Airport jumped 10c to 284 after UBS said the airport was a possible target for Macquarie Airports Group once it sold its stake in Rome's two main airports .
Air NZ climbed 5c to 307, while airport and infrastructure investor Infratil rose 7c to 319, and one of its major investments, Trustpower jumped 25c to 845.
The Warehouse was also in the spotlight, as one of its would-be suitors, Woolworths, said it would appeal a Commerce Commission decision barring its takeover bid.
Given the fact that the commission's reasons are not yet out, Mr Porter thought the move was a definite indication of interest from Woolworths. Warehouse shares rose a cent to 598.
Other moves were mixed, including Contact up 5c to 882, Fletcher Building up a cent to 1271, Fisher & Paykel Appliances up 4c to 369, Pumpkin Patch down a cent to 370 as Fisher Funds lifted its stake by 1 per cent to 11.56 per cent.
Tower continued to edge higher, up 8c to 258, Steel & Tube was up 15c to 455, and Vector rose 7c to 275 as it announced a new acting chief financial officer.
Market leader Telecom ended flat at 462 on light volume worth $12.8 million.
Across the Tasman, Australian shares were up 0.3 per cent by mid-afternoon, buoyed by Wall St's strong close, with gains in oil and metal prices boosting BHP Billiton Ltd.
Wall St rose on firmer oil company shares and economic optimism based on data showing moderate inflation.
A day after the biggest gain in the Dow industrials in almost a year, the Dow gained 71.37 points, or 0.53 per cent, to end at 13,553.72. The Nasdaq Composite Index advanced 17.10 points, or 0.66 per cent, to close at 2,599.41.
- NZPA