NZ shares gain paced by Fletcher, Telecom
Fri, 15 Jun 2012 9:34p.m.
New Zealand shares rose, paced by the biggest companies on the bourse, Telecom and Fletcher Building, as investors were lured back to a market near a three-month low.
The NZX 50 Index rose 30.98 points, or 0.9 percent, to 3447.07. Within the index, 29 shares gained, 13 fell and eight were unchanged.
Turnover was a greater-than-average $171.5 million, with about $100 million of that made up of Telecom, Fletcher and Contact Energy.
"The last two days we have seen some bargain hunting coming into the market with blue chips stocks like Telecom and Fletcher," said Grant Williamson, director at Hamilton Hindin Greene.
Telecom rose 3 per cent to $2.475.
Fletcher gained 2.3 per cent to $6.29 and Contact, the biggest power company on the NZX 50, rose 1.9 percent to $4.78.
Shares in New Zealand's largest retirement village operator, Ryman Healthcare rose 0.3 percent to 3.41, matching its record high set this month.
Shares in rival retirement village operator Summerset Group fell 0.6 per cent to $1.66.
Trade Me the online auction site controlled by Fairfax Media, that went public in December fell 2.5 percent to $3.56. the stock has surged 24 per cent this year.
"They have had a fantastic run - it's not really surprising that the price is taking a correction given the speed at which it went up at," Williamson said.
OceanaGold fell 2.6 percent to $2.66 after rising 2.3 per cent. The stock has seesawed along with the price of gold and the historically high New Zealand dollar.
Independent News & Media, the Irish parent of Australasia's APN News & Media, is delisting shares which haven't traded on the NZX since Sept. 28 2007 for $5.30.
INM will continue to list on the Dublin and London stock exchanges. The NZX delisting is effective from June 22.
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