MARKET CLOSE: Sharemarket closes on a high, adds 11 points

Thursday 17th February 2011

The New Zealand sharemarket closed on a high note, with gold producer OceanaGold continuing its golden run.

Telecom (NZX: TEL ) closed at $2.23 following the announcement network company Vector was being added to the prioritised negotiations for the Government's ultra fast broadband initiative in the Auckland area.

Vector (NZX: VCT ) shares were up 3c to $2.53 in early trading and closed at $2.54.

The benchmark NZX-50 index closed up 11.2 points at 3395.69, having lost 5.6 points yesterday.

Melbourne-based OceanaGold (NZX: OGC ), which earlier this week reported a lift in its South Island reserves, added 33c to $4.00, while NZ Refining Co (NZX: NZR ) fell 10c to $5.00 after reporting an improved after tax full year profit of $57.7 million.

Shares in Abano Healthcare (NZX: ABA ) gained 15c to $4.55, after sinking to a 21-month low of $4.40 yesterday.

The Abano board has said it was not aware of any material information that had not been disclosed to the market, nor was it aware of any reason for the fall in share price from $4.95 on February 3.

Sky TV (NZX: SKT ) fell 1c to $5.41, Mainfreight (NZX: MFT ) lifted 3c to $8.15, Hallenstein Glasson (NZX: HLG ) was up 3c to $3.91, while Freightways (NZX: FRE ) lost 2c to $3.35, Contact (NZX: CEN ) added 2c to $6.22, Fletcher Building (NZX: FBU ) added 11c to $8.34.

Jeweller Michael Hill (NZX: MHI ) remained at $8.90 after reporting a 7.2% lift in half year net profit to $23.9 million, even as the company noted the general retail climate remained cautious.

Auckland International Airport (NZX: AIA ) remained unchanged at $2.24 after saying it would appeal a Commerce Commission determination over the input methodologies for airport information disclosure regulation.

In the US, stocks were boosted by Dell earnings and deal announcements fuelling hope for more gains, but light volume made the recent move more tenuous.

The Dow Jones industrial average gained 0.5% to 12,288.17, the S&P 500 gained 0.6% to 1336.27, and the Nasdaq Composite Index rose 0.8% to 2825.56.

NZPA

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