NZ shares rise as global outlook improves
Thu, 02 Feb 2012 9:47p.m.
New Zealand shares rose, joining a global advance in equity markets on optimism world growth is reviving. Exporting manufacturers Fisher & Paykel Appliances and Methven led gainers even as the New Zealand dollar climbed.
The NZX 50 Index rose 12.84 points, or 0.4 per cent, to 3314.63, the highest close since mid-November.
Within the index, 32 stocks rose, 10 fell and eight were unchanged. Turnover was $96.8 million, making it one of the busiest days this year.
Equity markets rose across Asia, with Japan's Nikkei 225 Index up 0.9 per cent in early afternoon trading and Australia's S&P/ASX 200 Index up 1 per cent. That followed gains in Europe and on Wall Street on evidence of stronger manufacturing in the US, China and Germany.
New Zealand stocks "were set up with the firm Euro markets last night and a reasonable Dow," said Grant Williamson, a director at Hamilton Hindin Greene in Christchurch.
F&P Appliances, the whiteware manufacturer, rose 8.6 per cent to 38 cents. Methven, a designer and maker of tapware, rose 4.8 per cent to $1.10.
Skellerup rose 3.7 per cent to $1.41.
Fisher & Paykel Healthcare, which has more than 50 per cent of sales in US dollars, fell 0.9 per cent to $2.12 as the kiwi dollar climbed to a five-month high against the greenback.
The high kiwi dollar "will cause a lot of pain with a number of our listed companies," Mr Williamson said.
Briscoe Group rose 5.6 per cent to $1.50, a level it last reached in June last year, after the retailer posted a 4.7 per cent gain in fourth-quarter sales and said a strong finish to the year drove annual profit up at least 25 per cent.
Pumpkin Patch fell 1.3 per cent to 79 cents, the biggest decline on the NZX 50. Clothing retailer Hallenstein Glasson fell 0.8 per cent to $3.65. The Warehouse, the biggest retailer on the NZX 50, gained 0.7 per cent to $3.05.
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3/02/2012 1:52:57 p.m.
Its Summer wrote:
Why not its the best time for the hooch crop and everyone is on a high man, every else they are dying.
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