Fletcher Building extends two-week high
Tue, 03 Jul 2012 6:13p.m.
New Zealand shares rose today, with Fletcher Building gaining to a two-week high after closing a laminate plant in Spain and selling non-core assets in Australia.
Renaissance, which is exiting its Apple distributorship, rose on light volume after recording an insurance gain.
The NZX 50 Index rose 4.47 points, or 0.1 per cent, to 3444.63.
Within the index, 21 stocks rose, 17 fell and 12 were unchanged. Turnover was $81.3 million.
Fletcher, the biggest construction company on the NZX 50, rose 2.3 per cent to $6.20, the highest since June 20.
Fletcher yesterday announced the sale of the metals distribution businesses it gained by buying Crane Group and on Friday announced of the closure of a Formica plant in Spain.
PGG Wrightson gained 3.3 per cent to 31 cents even after figures showed prices of New Zealand's mainly farm-based commodities fell to the lowest level since March 2010 last month.
Cavalier dropped 2.5 per cent to $1.55. Wool fell 5 per cent in June, based on the ANZ Commodity Price Index.
Telecom fell 0.8 per cent to $2.43.
Renaissance rose 3.8 per cent to 13.6 cents after reporting it had received a further $785,000 insurance payment for losses relates to the February 2011 earthquake.
Freightways, the logistics and data management group, rose 1.3 per cent to $3.88.
On Monday the company said it had purchased printing and data management firm Dataprint NZ Limited for up to $6.5 million, including $3.5 million based on meeting performance targets over the next three years.
NZ Refining, which operates the nation's only oil refinery, fell 2.1 per cent to $2.33.
Contact Energy rose 0.2 per cent to $4.86. TrustPower, which on Monday said it would proceed alone with an expansion of its Australian wind farm, having previously said it was seeking a partner, rose 0.5 per cent to $7.60.
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