MARKET CLOSE: NZX50 closes near three-year high

Friday 29th April 2011

Resins manufacturer Nuplex was a highlight on the New Zealand sharemarket, which was higher today after gains in the United States market overnight.

The benchmark NZX-50 index closed up 15.567 points, or 0.444%, at 3519.327, its highest level in nearly three years. The Australian market was down more than a percent as the New Zealand market closed.

Nuplex (NZX: NPX ) gained 9c to a seven-week high of $3.26, and Contact Energy (NZX: CEN ) gained 10c to $5.95 as a rights issue to raise $350 million it announced yesterday continued to be well received by the market.

"Liquidity in the market has been sporadic and there are no real themes. The Contact Energy issue has now washed through," James Lee, head of institutional equities at First NZ Capital, said.

Fisher & Paykel Healthcare (NZX: FPH ) eased 4c to $3.09. Investors noted with interest that respiratory equipment maker ResMed today reported a rise in quarterly profit.

Fletcher Building (NZX: FBU ) was up 3c to $9.19 and Telecom (NZX: TEL ) was down 1c to $2.17.5.

SkyCity (NZX: SKC ) rose 3c to $3.56 and Ebos Group (NZX: EBO ) rose 6c to $7.30. Mainfreight (NZX: MFT ) rose 3c to $9.28. TrustPower (NZX: TPW ) rose 8c to $7.60 and Infratil (NZX: IFT ) rose 1c to $1.90. Tower (NZX: TWR ) rose 2c to $1.88.

OceanaGold (NZX: OGC ) eased 12c to $3.60 after higher mining and processing costs were a feature of its first-quarter result.

Cavalier (NZX: CAV ) eased 6c to $3.50 and Sanford (NZX: SAN ) eased 7c to $5.47. Scott Technology (NZX: SCT ) eased 2c to $1.48.

NZOG (NZX: NZO ) eased a cent to 97 after releasing its quarterly operating report.

In the US, earnings reports eased the blow from a batch of soft economic data showing US economic growth had slowed and the labour market may be weakening.

But the US Federal Reserve has maintained support for its easy monetary policy, which has helped push up equity prices in the face of increasing inflation.

The Dow Jones industrial average rose 0.6% to 12,763.31, the Standard & Poor's 500 Index added 0.4% to 1360.48, and the Nasdaq Composite Index advanced 0.1% to 2872.53.

NZPA

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