Mighty River: Shares up as profit rises

Mighty River Power shares rose nearly 2 per cent in early trading after announcing a profit well above prospectus forecasts and close to 70 per cent more than last year. Chairwoman Joan Withers said the shares had been hit by a " perfect confluence of elements" including ongoing uncertainty about fundamental changes to the electricity market promised by opposition political parties, increased interest rates paid on long term bonds and uncertainty about Tiwai Point aluminium smelter although recently there was now more clarity about demand by the country's biggest single electricity user. When the share market opened shares rose 4c to $2.23. The company said it will pay a final dividend of 7.2 cents a share on September 30 for those who hold shares on September 11.