MARKET CLOSE: NZ shares rise; EU pledge lifts risk sentiment 2 Jul 2012
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- Perpetual, Fonterra’s largest unitholder, supports strategy Business
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MARKET CLOSE: NZ shares rise as EU pledge stokes risk sentiment: Fletcher, Telecom gain
July 2 (BusinessDesk) - New Zealand shares rose, joining a global rally in equity markets after European leaders agreed to use their rescue funds to aid the region’s lenders. Telecom and Fletcher Building paced the advance.
The NZX 50 Index rose 40.32 points, or 1.2 percent, to 3440.16. Within the index, 31 stocks rose, nine fell and 10 were unchanged. Turnover was a lower-than-average $77.8 million.
The local bourse rose after the Standard & Poor’s 500 Index climbed 2.5 percent in New York on Friday while Germany’s DAX 30 gained 4.3 percent. On Friday, euro-zone leaders agreed to allow their joint emergency funds to be tapped by the region’s banks and pledged to create a single banking supervisor for euro-zone banks, moves that may alleviate the debt crisis.
Fletcher Building, the biggest construction company on the NZX, rose 3.2 percent to $6.06 after announcing the sale of the metals distribution businesses it acquired when it bought Crane Group last year for about $70 million.
Telecom, the biggest company on the bourse, rose 2.5 percent to $2.45. Cavalier, the wool processing and carpet group, gained 4.6 percent to $1.59, the biggest percentage gain on the NZX 50. Nuplex Industries, the specialty chemicals company, rose 1.6 percent to $2.54.
“Sentiment has certainly improved. We saw some positive thing come out of the summit in Europe,” said Michael Milne, an adviser at Craigs Investment Partners. Still, “markets are pretty fickle at the moment.”
Freightways, the courier and data management group, rose 0.8 percent to $3.83 after saying it had purchased printing and data management firm Dataprint NZ Limited for up to $6.5 million, including $3.5 million based on meeting performance targets over the next three years.
Dataprint would be “immediately earnings-per-share positive” and funded from existing debt facilities, said managing director Dean Bracewell.
Retailers were mixed. Pumpkin Patch, the children’s clothing chain, fell 3.3 percent to 88 cents. Michael Hill International, the jewellery chain, declined 2 percent to 96 cents.
Hallenstein Glasson Holdings, the clothing chain, rose 1.5 percent to $4.06 and Kathmandu, the outdoor equipment retailer, climbed 2.4 percent to $1.30. Warehouse Group, the biggest retailer on the NZX 50, rose 2 percent to $2.55.
Australian lender Westpac Banking Corp rose 1.3 percent to $27.40 and Australia & New Zealand Banking Group climbed 2 percent to $28.60, tracking gains in their shares on the ASX.
Goodman Fielder, the Australasian food maker, rose 4.4 percent to 72 cents.
TrustPower, the power company controlled by Infratil, was unchanged at $7.56 after saying it is committing to the full cost of the A$465 million stage two development of the Snowtown South Australian wind farm. It had planned to find a partner though that has now been delayed.
Infratil was unchanged at $2.03.
NZ Farming Systems Uruguay rose 3.6 percent to 57 cents and PGG Wrightson, the nation’s biggest rural services company, rose 3.5 percent to 30 cents.
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