NZ shares rise as growth optimism stirs
Thu, 26 Jul 2012 11:12p.m.
New Zealand shares gained in a rising tide of Asian equities amid optimism the US will take more steps to stimulate its economy, keeping global growth on pace.
Fletcher Building, Telecom and Xero all rose.
The NZX 50 Index gained 26.76 points, or 0.8 per cent, to 3485.74. Within the index, 33 stocks rose, six fell and 11 were unchanged. Turnover was $90.7 million.
The Nikkei 225 Index was up almost 1 per cent in early afternoon trading and Singapore's Straits Times Index gained 1.1 per cent.
Gains in the New Zealand market followed the central bank's decision to keep interest rates at a record low, while saying domestic economic growth is continuing at a slow pace.
Fletcher rose 2.3 per cent to $5.90 and are down 6 per cent this year.
Xero, the cloud-based accounting firm whose shares have gyrated this week, rose 5.1 per cent to $5.20, for a year-to-date gain of 79 per cent.
The Wellington-based company told shareholders at their annual meeting that it's considering a dual-listing on the ASX "to make it easier for Australian partners and customers to purchase shares", it said in a statement to the NZX.
Xero separately added a Silicon Valley software firm executive to its board.
Mainfreight was unchanged at $9.45.
Chairman Bruce Plested told shareholders at their annual meeting on Thursday that first-quarter results would show "an improved performance for the group" excluding Europe, which on its own would match the weak results of the fourth quarter last year.
OceanaGold rose 2.9 per cent to $2.45. Newcrest Mining, the world's third-largest gold miner, announced it has met its estimated production while maintaining margins.
Telecom rose 0.2 per cent to $2.57. Heartland New Zealand was the biggest decliner, falling 1.8 per cent to 56 cents.
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