NZX CLOSE: Stocks rise on Australia growth

Wednesday 1st September 2010

New Zealand stocks rose for the second time in four sessions, after Australia reported hearty economic growth, lifting lenders ANZ and Westpac.

The NZX 50 rose 40.9 points, or 1.4%, to 3077.1. Within the index, 32 stocks rose, six fell and 12 were unchanged. Turnover was $74.7 million.

GDP data for the June quarter showed that the Australian economy grew by 1.2% compared with the 0.7% for the January-March period, helping list the S&P/ASX 200 Index by 2.1% to 4496.5

“Australia is up on their GDP numbers and greater clarity on the outcome from the election process,” BT Funds Management equities manager Paul Richardson said. “That has helped lift some of the dual listed stocks and ones which have a significant Australian shareholding, such as Kathmandu.”

ANZ rose 2.6% to $29.70 on the NZX and was last trading 2.7% up at A$23.21 on the ASX. Westpac rose 2.4% to $28.58 on the NZX, and was last trading 3% up on the ASX at A$22.35. Kathmandu (NZX: KMD ) rose 3.8% to $1.64.

Pike River Coal (NZX: PRC ), rose 5% to $1.05, pacing the rises. Sky City (NZX: SKC ) rose 2.8% to $2.95 and crystal oscillator manufacturer Rakon (NZX: RAK ) rose 2.7% to $1.14.

Telecom (NZX: TEL ) rose 2.5% to $2.05 after the Supreme Court squashed charges by the Commerce Commission’s over its 0867 dial-up internet fees in 1999.

APN News (NZX: APN ) rose 1.2% to $2.45 after the media company announced that its New Zealand Magazines division has acquired the licence to publish Pacific Magazines’ three core titles in New Zealand.

Shares in the NZX (NZX: NZX ) were unchanged at $1.40 after the Accident Compensation Corporation announced had taken advantage of a seven-year-low price to lift its holding in the securities market operator.

Port of Tauranga (NZX: POT ) rose 0.4% to $6.78 and NZ Farming Systems Uruguay (NZX: NZS ) was unchanged at 70 cents.

ING Property Trust (NZX: ING ) fell 2.9% to 68 cents, pacing decliners on the NZX 50.

Vector (NZX: VCT ) fell 2.8% to $2.07, Steel & Tube (NZX: STH ) fell 2.3% to $2.17, and Air New Zealand (NZX: AIR ) fell 1.6% to $2.17.

Contact Energy (NZX: CEN ) fell 0.7% to $5.61.

Businesswire.co.nz

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