KEY POINTS:
The share market rose today to end a week in which investors watched the stumbles of global financial giants on a positive note.
The benchmark NZSX-50 index closed up 28.145 points, or 0.844 per cent, at 3361.688. There were 45 rises and 42 falls and turnover was worth $86.26 million.
"It's a good way to end the week," said Grant Williamson, partner at Hamilton Hindin Greene.
He said it helped that Wall Street recovered early losses to finish higher.
Weakness in the New Zealand dollar is improving sentiment for export stocks and the 50 basis point cut in the official cash rate by the Reserve Bank yesterday is positive for stocks exposed to the property market.
The announcement of the election date today didn't have any impact on the market but weak retail sales data was a reminder of the challenges for that sector of the economy.
Fletcher Building rose 30c to 765.
"Investors are saying the Reserve Bank is working to improve the housing market," Mr Williamson said.
The Warehouse rose 7c to 328 despite reporting a 21 per cent fall in annual net profit.
Forsyth Barr analyst Guy Hallwright said nothing in the financial result was likely to have caused the rise in share prices.
"I think it's just people hearing that the Extra concept is under review, and at the margin thinking, `oh well, maybe that might clear the way for Woolworths to come back with an offer at some stage'."
Top stock Telecom eased 4c to 297 and remains out of favour with investors.
Fisher & Paykel Appliances added 4c to 181, F&P Healthcare was up 8c to 322.
Contact Energy rose 18c to 901 and SkyCity rose 3c to 373. Rakon rose 3c to 278 and NZ Refining rose 13c to 644. Port of Tauranga rose 3c to 698.
United States stocks rose as a report that major US investment bank Lehman Brothers was shopping itself to possible suitors, including Bank of America, drove a last-minute rebound in financial shares.
The Dow Jones industrial average ended up 1.46 per cent at 11,433.71. The Standard & Poor's 500 Index closed up 1.38 per cent at 1249.05.
- NZPA