KEY POINTS:
Fletcher Building had another stellar day, as the New Zealand market outpaced its overseas counterparts.
The benchmark NZSX-50 index ended the day up 0.3 per cent or 12.68 points to 4227.45 on total turnover of $161 million.
Fletcher Building jumped 36c to 1220, its highest close for the year and just off an earlier alltime high of 1223.
The reason for the jump was a takeover bid for Hanson, the world's second largest construction materials company.
"Fletcher Building had some good news last week with the insurance and the tax money they're getting back, and the takeover of Hanson is just buoying the building materials sector generally," Richard Leggatt of UBS said.
An upturn was also evident in property investment stocks, with Kiwi Income Property Trust (KIPT) up 2c to 168 after posting a better than expected 3.7 per cent increase in after tax net profit.
Macquarie Goodman Property Trust, which yesterday posted an 87 per cent rise in annual net profit, was also up 2c to 157 and AMP NZ Office was up 2c to 131.
Among the blue chips, Telecom ended flat at 476 after yesterday's 7c tumble, while the Warehouse was flat at 670, as was Contact Energy at 865.
Fellow power stock Trustpower dropped 15c to 825 and Vector was up 2c to 288 after posting a n 18.4 per cent increase in 9-month net profit yesterday.
Infratil touched an alltime high of 661, ending up 8c to 660 after reporting a four-fold increase in net profit yesterday.
On the downside, Fisher & Paykel Healthcare compounded yesterday's 14c fall, down another cent today to 357.
Air New Zealand shed 2c to 283 against a 10c increase yesterday, and Rakon slipped 3c from a record 523 yesterday, following an optimistic forecast for next year's earnings.
Other moves included Auckland Airport up 2c to 266, Pumpkin Patch down 5c to 420, Summit down 30c to 580, News&Media down 4c to 646, and Sky City down 7c to 490.
Sealegs gained 4c to 91, MetLife Care rose 25c to 825, Port of Tauranga up 20c to 670, all on light volume. AX-listed NZ Windfarms rose 11c to 210.
Falls outnumbered rises 51 to 44 on 141 stocks traded.
- NZPA