MARKET CLOSE Positive New Year tone rumbles on

Article – BusinessDesk

Jan 23 (BusinessDesk) New Zealand shares eked out another rise as the broadly positive tone since New Year continued, with substantial volumes noted in some key stocks.

MARKET CLOSE Positive New Year tone rumbles on

Jan 23 (BusinessDesk) – New Zealand shares eked out another rise as the broadly positive tone since New Year continued, with substantial volumes noted in some key stocks.

The NZX50 Index was up 0.64 points, or 0.01 percent, to 4187.72. Within the index, 23 stocks rose, 14 rose and 13 were unchanged. Turnover was $ 133.213 million.

“There seems to be some reasonable volume in some stocks,” said Craig Brown, a senior investment analyst at OnePath, pointing to turnover of 4.888 million Argosy Property shares, which saw the stock rise 0.55 percent to 91.5 cents, for a gain over the last year of 12.96 percent, and 5.036 million Fletcher Building shares changing hands.+

The most heavily weighted stock in the NZX50, Fletcher has been touching 20 month highs and was confirmed as a supplier of wallboard to the Christchurch earthquake rebuild in a $40 million contract split with a new market entrant, German manufacturer Knauf. Fletcher touched a new 20 month high of $9.36 in late trading, and closed up 0.54 percent at $9.34.

“People are starting to come back and reinvest in the market as they get a little more comfort about the global outlook,” said Brown. “When people look at what they get in the bank and you have a relatively constructive view of the world, you do get pushed back towards equities.”

The biggest rise on the day was insurance and savings group AMP, up 2.46 percent to $6.66, followed by newly minted bank, Heartland, up 1.49 percent to 68 cents.

Among stocks to fall were PGG Wrightson, which was off 6.52 percent to 43 cents, continuing gyrations in recent days, and childrens clothing retailer Pumpkin Patch, down 3.6 percent to $1.34. Telecom was the third largest fall of the day, off 2.11 percent to $2.315.

(BusinessDesk)

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