KEY POINTS:
A retreat by the dollar yesterday helped boost stocks, many of which are those of exporters battling the soaring currency.
After a 13-point fall on Friday, the NZSX-50 index closed up 15.12 points at 4238.65 on light turnover valued at $90.9 million.
That was despite a 1c fall in top stock Telecom to $4.61.
"Bit of a positive lead coming from the United States but, certainly, having the currency ease back has given our market a bit of a boost," said David Le Breton of ASB Securities.
Among shares to get some relief from the dollar's dip below US78c were Fisher & Paykel Appliances, up 4c to $3.50, F&P Healthcare, up 4c to $3.28, Rakon, up 10c to $4.80, and Pumpkin Patch, 10c higher at $3.58.
"[Pumpkin Patch] had a strong run and, in the past couple of months, it took a bit of a battering and a lot of that was the currency," Le Breton said.
"Towards the end of last week, it seemed to find a bit of favour with investors."
Among blue chips, Contact Energy jumped 13c to $9.13, Auckland Airport fell 2c to $3.28, Fletcher Building lost 2c to $12.10, Vector rose 3c to $2.70 and SkyCity was up 2c at $5. Sky TV rose 10c to $5.65 despite buying its programming in US dollars.
Tourism Holdings was steady at $2.70 on light turnover.
THL jumped 15c on Friday when bidder MFS Living and Leisure said it would allow the payment of a 6c special dividend.
"There's still a feeling they'll struggle to get the 90 per cent acceptance on that takeover," Le Breton said.
"It seems the company [THL] is keen to make sure shareholders are fully abreast of the situation with regards to the takeover."
Shares in bathroom products maker Methven eased 4c to $2.66 after Friday's 40c leap to a year-high of $2.70 after a placement to fund the purchase of British distributor Deva Tap.
High oil prices boosted NZ Refining up 22c to $7.87.
NZX rose 5c to $11.75, Skellerup was up 3c at 86c and Tower rose 2c to $2.48.
Rises outnumbered falls 64 to 34.
Among dual-listed stocks, Westpac rose 47 to $29.10, ANZ was up 40c to $32.30, AMP gained 11c to $11.46 and Lion Nathan fell a cent to $9.95.
"In Australia, oil's traded up so that's helped the resource stocks and that's flowed through to their market and, on the back of that, you can see the likes of banking stocks listed over here have performed strongly," Le Breton said.
- NZPA