NZ stocks: Top 50 closes just off high

6.40pm


The New Zealand sharemarket gained half a per cent in thin pre-holiday trading today that left the top 50 index just off its high.

The benchmark NZSX-50 gross index closed up 12.35 points at 2406.81, just a point off its all-time high touched last week. The longer running NZSX-40 capital index gained 11.67 to 2235.82 and was close to its highest since May 1999.

Malcolm Davie, of First NZ Capital said the tone was "reasonable" although volumes were light with much of the market already on holiday.

Leading the way up was Contact Energy, which added 6c to 540 on news that power prices were again rising.

Ports of Auckland regained 17c to 780 after its mauling last week on its loss of a big contract with Fonterra. It reported today that freight volumes were up in November and Mr Davie said the report showed the strength of the company's model.

AMP rose 23c, 4.2 per cent, to 572, following news its UK business, HHG, would raise a more-than-expected £190 million ($529 million to support its business. That means there will less call on the capital of AMP.)

Market leader Telecom rose 4c to 520 to finish on its high.

Waste Management rose 10c to 415 on indications that its Redvale plant north of Auckland performing well.

One leader to have an off day was The Warehouse, which fell 5c to 496. Brokers said that despite indications consumer confidence was high as a good portent for Christmas, there is continuing concern about its Australian business.

Other leaders to rise were Lion Nathan, 7c to 680, Sanford, 11 to 519, Westpac NZ, 15c to 1710, ANZ, 20c to 2000, Carter Holt Harvey, 2c to 184 and Freightways, 5c to 226.

Tranz Rail eased 5c to 165 as Toll Holdings' bid for the company expired. Toll was not expected to improve much on its 84 per cent holding.

Gold miner GRD fell 12c to 223, NZX fell 4c to 566 and Scott Technology fell 10c to 307.

Rises outnumbered falls 58-39 among the 140 stocks traded.

- NZPA