NZX 50 rises to three-month high
Mon, 13 Aug 2012 7:30p.m.
New Zealand shares rose today, pushing the NZX 50 Index to the highest in more than three months, after earnings from Freightways beat estimates, stoking optimism for the corporate reporting season.
Fletcher Building gained to a four-month high.
The NZX 50 index climbed 17.167 points, or 0.5 percent, to 3594.96, the highest since May 2.
Within the index, 26 stocks rose, 16 fell and eight were unchanged. Turnover was $108 million.
Freightways, the courier and data management group, rose 0.3 percent to $3.91 after posting a 24 percent gain in full-year profit to $37 million, beating estimates, and forecast further growth in 2013. Sales rose 8 percent to $382 million.
"The result reinforces the positive tone of the market," said Bryon Burke, head dealer at Craigs Investment Partners.
"The analysts' forecasts are being met so the market is fairly pricing the securities - there are no shocks."
F&P Appliances led the gainers up 2.6 percent to 59 cents.
Ryman Healthcare rose about 2 percent to $3.62. Fletcher Building rose 2.2 percent to $6.54.
Telecom, the largest company on the NZX 50, rose 0.6 percent to $2.71.
The telecommunications company's new chief executive Simon Moutter officially started the top job today, giving him almost two working weeks to get up to speed before Telecom's annual result is released.
Xero, the cloud-based accounting platform provider, shed 2.1 percent to $5.10, while Diligent fell 0.3 percent to $3.85.
The decline was led by OceanaGold which fell 3.5 percent to $2.77. PGG Wrightson dropped 3 percent to 31 cents.
Shares in Burger Fuel fell 3 percent to 97 cents after the fast-food chain targeting growth in the Middle East appointed Tyrone Foley as its new chief operating officer, effective from September.
Mr Foley previously worked for McDonald's and BP Oil New Zealand.
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