NZ share rise paced by Telecom, Ryman
Mon, 30 Jul 2012 9:44p.m.
New Zealand shares rose, paced by Telecom and Ryman Healthcare, joining a region-wide rally on optimism the European Central Bank and the Federal Open Market Committee will announce additional policy measures to shore up the global economy.
The NZX 50 index rose 17.59 points, or 0.5 percent to 3518.89. Within the index, 24 stocks gained, 17 fell and nine were unchanged. Turnover was a smaller-than-usual $56.9 million.
"The markets are still quite excited by the sentiment out of Europe," said Mark Lister, Head of Private Wealth Research at Craigs Investment Partners. "This week is all about the central banks around the world - people are watching quite closely to see what the Americans and European banks will say."
"That is probably driving some of our larger stocks," he said.
Telecom, the largest company on the exchange, rose 2.6 percent to $2.61. Ryman Healthcare, New Zealand's largest listed retirement village operator, gained 1.4 percent to $3.60.
Fletcher Building gained 1 percent to $6.02 after Government figures showed building consents for new dwellings rose for the first month in three, helped by an increase in Canterbury amid earthquake rebuilding and a jump in permits for apartments including rest-home units.
NZX led decliners on the NZX 50, falling 10.6 percent to $1.18 after the stock exchange operator flagged smaller first half earnings.
The stock exchange's expenses were between $2 million and $3 million higher than last year, with about two-thirds arising from the chief executive transition, the Clear grain exchange litigation and other non-recurring items.
Sanford fell 0.3 percent to $3.83 after the listed fishing company said it will "vigorously defend" seven charges brought by the US Attorney's Office and the Department of Justice related to its San Nikunau vessel operating out of American Samoa.
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