Larger stocks buoy NZ sharemarket

  • 13/10/2015
Larger stocks buoy NZ sharemarket

Some larger stocks with heavier trading activity have buoyed the New Zealand sharemarket's benchmark index.

The S&P/NZX 50 Index closed 12.98 points, or 0.2 percent, higher at 5702.81 today.

But within the index, the 15 rising stocks were outnumbered by 26 fallers. Turnover was $151.3 million.

Among stocks gaining were Trade Me up 2.8 percent to $3.71, Fisher & Paykel Healthcare two percent to $7.20, Ryman Healthcare 1.8 percent to $7.28 and Auckland International Airport rose 1.4 percent to $4.85.

"The market isn't under a lot of pressure," said Nigel Scott, director at Craigs Investment Partners.

"Investors remain comfortable that the market has been a consistent performer since the fallback of the US about a month ago now. The New Zealand story is just more consistent at the moment."

But Fletcher Building fell 1.1 percent to $7.18 and Spark New Zealand fell 0.5 percent to $3.05.

Outside the benchmark index, insurer CBL gained 14 percent to $1.77 in its NZX debut.

NZN

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