KEY POINTS:
The sharemarket backed up yesterday's 1.3 per cent rise with 0.7 per cent gain today.
However, the rally was concentrated in the three market leaders and elsewhere the market was mixed.
Local traders got a positive steer from Wall Street where investors kicked on from yesterday's big boost from the larger-than-expected US Federal Reserve rate cut.
"Overall sentiment has been good, but underlying that the market has been mixed," said ASB Securities broker Stephen Wright.
He said the US3c rise of the kiwi dollar in the wake of the Fed's rate cut had taken the sting out of export stocks.
The NZSX-50 index closed 29.23 points up at 4206.88.
Turnover was heavy, boosted by a crossing related to GPG's sale yesterday of 3.6 per cent of stock exchange operator NZX.
Market leader Telecom ended 10c ahead on 442, No 2 stock Fletcher Building, down 6c in the morning, rebounded to end up 29c on 1240, and likewise, No 3 Contact Energy, reversed a negative morning to close 22c up on 934.
GPG shares fell 5c to 193 before they were suspended by NZX pending a material announcement. Its British threadmaker Coats Group, was one of seven companies slapped with a 328.6 million euro ($647 million) fine by European regulators for market collution. Coats was fined 122 million euros ($235m) - equivalent to 18c a share for GPG. GPG said it the shock fine was "outrageous" and it would appeal with alacrity.
Forsyth Barr broker David Price said it was a negative surprise but he doubted the final fine will be as dire.
NZX ended 30c lower on 960 following the sale of GPG's stake.
Auckland Airport, which yesterday rose 8.5 per cent on news the Canada Pension Plan Investment Board confirmed its intent to seek a significant minority stake at 370 cash or 390 for shares and cash, fell back 5c to 325. Brokers are still awaiting details of the bid.
Infratil, a shareholder in Auckland Airport, rose 10c to 390.
Exporters to lose ground included Cavalier - 10c to 330 and Fisher & Paykel Healthcare, 4c to 349.
Australian bank stocks weakened, ANZ down 51c to 3300 and Westpac 24c to 3180. AMP, which appointed a new internal ceo, fell 9c to 1191.
Wellington Drive Technologies ended unchanged on 38c despite announcing a significant new order from South Korean's Samsung.
Among other smaller stocks, Turner's Auctions lost 6c to 100 and Taylors fell 9c to 171.
- NZPA