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Abano lifts as considers possible capital return

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 29 NZPA - Shares in Abano Healthcare rose nearly 2 percent in early trading after the company announced it was considering a possible capital return to shareholders after selling its stake in audiology company National Hearing Care.

In a sharemarket that rose early, even as leading stock Fletcher Building fell 13c to 846, Abano shares gained 10c to 530.

Around 10.15am the benchmark NZX-50 index was up 6.25 points to 3236.48, after losing 8.9 points yesterday.

Hallenstein Glasson shares rose to their highest level in nearly three years, lifting 3c to 442 early as the shares continued to gain after the company reported on Monday that annual pre-tax earnings had risen nearly 60 percent.

Restaurant Brands was up 4c early to 259, Ebos Group gained 3c to 705, and Port of Tauranga was up 3c to 694, Contact Energy lifted 2c to 573, and Telecom edged up 1c to 205, while Cavalier Corp lost 4c to 316 as it retreated from a near-three-year high 322 earlier this week.

In the United States stocks rose as latecomers bought up sectors that had outperformed during a surprisingly robust September.

"When a month takes you by surprise like this, you tend to be underexposed to stocks and overexposed in cash and bonds. And as the quarter comes to an end, people are rushing to at least have ownership of the stocks that have performed well and have a good outlook. That's causing the aggressiveness in the market," said Marc Pado, US market strategist at Cantor Fitzgerald & Co in San Francisco.

The Dow Jones industrial average gained 0.4 percent to end at 10,858.14, the Standard & Poor's 500 Index rose 0.5 percent to 1147.70, and the Nasdaq Composite Index advanced 0.4 percent to 2379.59.

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