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Telecom returned to its traditional dominance of activity today on the back of a stronger currency, pulling up the NZ sharemarket with its more than 2 per cent gain.
In-play casino company Sky City has topped turnover recently amid speculation about the identity of its mystery bidder and the size of the "significant premium" that it has dangled.
The benchmark NZSX-50 index closed up 51 points, or 1.2 per cent, at 4332.29 on turnover totalling $170.2 million. The index was just 10 points below its record high.
Top stock Telecom rose 2.7 per cent, or 12c, to 459.
Stephen Wright of ASB Securities said offshore investors appeared to be boosting Telecom after the kiwi hit a two-month high overnight around US76.7c.
"With our strong dollar, there must be people around who think our dollar might go higher and tend to go for the leading stocks," Mr Wright said.
They overlooked second-ranked Fletcher Building, which lost a cent to 1277, but plumped for No 3 Contact Energy, up 28c to 948.
The higher kiwi also helped out Fisher & Paykel Appliances, up 5c to 358, and F&P Healthcare, up 2c to 327. FPA also said today it was entering a strategic alliance with Turkish whiteware company, Arcelik.
Auckland Airport was flat at 315, Sky City fell a cent to 537, and Sky TV rose 5c to 585.
NZX lost 5c to 965 despite the release of positive quarterly operating statistics earlier.
Other stocks whose business is impacted by the currency were Sanford, up 15c to 435, Rakon, up 4c to 475, Steel & Tube, up 19c to 449, PGG Wrightson, up 4c at a 14-month high of 200, Hallenstein Glasson, up 3c to 453, and Nuplex, 15c higher at 750.
Investment companies also gained, with BIL International up 9c at 119, and Hellaby up 15c at 290.
Carpetmaker Cavalier Corp recouped earlier losses to close just a cent lower at 330, Ebos lost a cent to 511, Kiwi Income Property Trust was down a cent at 149, and NZOG fell a cent to 102.
Among the smaller stocks, Pacific Edge Bio fell 2c, or 13 per cent, to 13c, and Taylors Group fell 16c to 172.
Dual-listed stocks posted solid gains, with ANZ up 38c at 3518, Westpac up 104 at 3405, AMP up 17c at 1250, and Lion Nathan up 3c at 1093.
Australia's benchmark index was up 1.5 per cent at a record high 6662, and Japan's Nikkei average rose 1.2 per cent.
Investors betting that Wall Street has seen the worst of the credit squeeze pushed the Dow to a record, and the technology-stock laden Nasdaq index to its highest level in more than six-and-a-half years, as investors snapped up shares of technology bellwethers such as Apple and Intel Corp.
- NZPA