KEY POINTS:
The New Zealand sharemarket received a boost today after Fletcher Building shares hit another record after it placed 26 per cent of shares at a tiny discount.
Fletcher Building shares leapt 4.1 per cent to 1317 after it made the placement at 1260, just a 0.4 per cent discount to the prevailing price.
They closed up 62c at 1327 but had peaked 15c higher. Fletcher Building turnover totalled $87.3 million.
The placement was to partially fund its US$700m ($976m) purchase of the world's biggest laminates manufacturer, Formica.
"That's a fantastic transaction they've done in the US, buying such a complementary business in what was an uncontested situation," said Kerry Porter of Macquarie Equities.
The NZSX-50 index closed up 20.7 points, or 0.5 per cent, at 4333.24 on $215.7m worth of turnover. The index touched a record high 4342.7.
"The tone post-Budget has been pretty encouraging, and I think in the main the corporate results that are coming through -- particularly from some of these emergent companies like the Rakons -- has really given the market a little bit of support," Mr Porter said.
Fisher & Paykel Appliances fell 3c to 379 after reporting its March year net profit fell 4.3 per cent to $61.2 million.
The company did not give profit guidance, although it will update the market at some point.
Yesterday, F&P Healthcare fell 3c to 366 after its annual profit fell 18 per cent to $57.6m despite record trading revenue.
"There's been a consistent theme through those results, that the underlying businesses are performing strongly but they're being severely buffeted by the currency," Mr Porter said.
Market leader Telecom reversed early weakness to close up 2c at 490. The stock goes ex a 7c dividend on Monday.
Contact Energy fell 5c to 887, Vector lost 3c to 294, and Sky TV lost 8c to 595.
Casino company SkyCity rose 16c to 519 after Tuesday's aggressive cost-cutting plan, which the market has welcomed.
The Warehouse rose 3c to 655 ahead of tomorrow's decision on Woolworths' and Foodstuffs' takeover applications.
Tower rose a cent to 234 after posting a 39 per cent rise in interim profit from ongoing operations, although revenue was relatively flat.
Michael Hill rose 5c to 945, NZX jumped 15c to a record high 1020, and Rakon was up 15c at a record 567.
Eftpos company Provenco shed 18c to 72c, having touched a low of 65c.
PGG Wrightson rose 3c to 183 on the back of a forecast big increase in dairy farmers' payout next season by Fonterra.
Australia's benchmark index fell 1 per cent to 6285.6, while Japan's Nikkei average was little changed.
Earlier on Wall Street, US stocks edged lower as a warning about Chinese stocks by former Federal Reserve chairman Alan Greenspan erased gains fuelled by takeover talk in the aluminium sector.
- NZPA