NZ Shares: Market rallies a little as week ends

Goodman Property rose another 3c to 85c in the first few minutes of trading today -- after lifting 2c yesterday -- as trading on the NZX rallied.

This was apparently still a reaction to Goodman Property Trust hitting its operational targets, with an after tax distributable profit of $83.8m, up from $68.7m, despite a full year net loss of $74.1 million.

But the rally was widely based with 13 stocks rising, compared with only a couple of falls in this early trade.

The benchmark NZX-50 index lifted by 12.604 points -- the equivalent of 0.459 per cent -- in the first couple of minutes of trading today on a volume of 9.25 million shares valued at $36m.

After 15 minutes, it had jumped 29.244 points -- a rise of 1.053 per cent to 2805.368, clawing back much of Thursday's drop, when it closed down 1.26 per cent at 2776.12.

Telecom remained on $2.59, after losing 4c yesterday. Fletcher Building rose 29c to $6.85, Contact Energy rose 6c - making up yesterday's drop - to $6.05.

Auckland Airport ($1.70), Fisher Appliances (61), and Mainfreight ($4.80) each rose 1c.

Sky TV was up 8c to $4.40.

Steel and Tube was up 5c to $3.00, Contact up 6c to $6.05, and Guinness Peat rose 4c to 79.

Tower fell 2c to $1.57, and Rakon by 1c to $1.55.

***

US stocks rose, but only on light volumes, on Thursday with technology gains were led by big-cap tech and semiconductor companies.

"Defensive" stocks such as consumer staples and healthcare also gave a lift.

The Dow Jones industrial average added 46.43 points, or 0.56 per cent, to 8331.32. The Standard & Poor's 500 Index gained 9.15 points, or 1.04 per cent, to 893.07 -- up 32 per cent from the bear market low on March 9, still down nearly 4 per cent for the week.

The Nasdaq Composite Index climbed 25.02 points, or 1.5 per cent, to 1689.21.

- NZPA