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Fletcher Building Shares Keep Climbing, Market Rises

Fuseworks Media
Fuseworks Media

Wellington, Aug 13 NZPA - Fletcher Building shares continued their ascent today, after the company reported better than expected results on Wednesday.

On top of yesterday's 56c -- 8 percent -- rise, Fletcher Building shares were up another 32c today to 790.

The market as a whole had a sound day after stocks powered higher in the United States as the Federal Reserve said it saw signs of a more stable economy.

The benchmark NZSX-50 index closed up 49.16 points, or 1.596 percent, at 3128.848. Turnover was worth $141.8 million, of which $44.7m was in Fletcher Building shares. There were 67 rises and 26 falls among the 117 stocks traded.

"Markets are still fairly euphoric," said Stephen Wright at ASB Securities.

Though companies like Fletcher Building were cautious investors saw them as well placed to participate in the recovery, he said.

The reporting season is gearing up with Contact Energy among the companies reporting tomorrow.

Turners and Growers rose 3c to 158 after reporting a fall in interim profit.

Steel & Tube eased 1c to 310 after reporting a 15.9 percent increase in annual profit. Opus rose 3c to 132 after reporting a 44 percent fall in interim profit.

AMP Office Trust rose 2c to 83 after reporting a 13.4 percent rise in profit.

Freightways rose 5c to 340 ahead of its result on Monday.

Telecom rose 4c to 280. Nuplex was a strong performer, rising 14c to 229.

SkyCity rose 9c to 344 after saying it has bought back a further $US62.5 million ($NZ94.3m) of its March 2012 maturity US private placement debt.

Port of Tauranga rose 5c to 655 on a day Fonterra changed some of the ports it uses but the main beneficiary, Lyttelton Port of Christchurch, was untraded.

SkyTV rose 4c to 461, NZ Refining rose 3c to 693, Auckland Airport rose 3c to 173 and Methven rose 1c to 142. AirNZ rose 2c to 123 and The Warehouse rose 1c to 400. Fisher and Paykel Appliances rose 3c to 84.

In the US, the Fed said the economy was levelling out, and it left interest rates unchanged at the end of its two-day policy meeting.

The Fed also said it will extend the duration but not the size of a programme to buy long term government debt, which is part of its effort to revive credit and stimulate the economy.

The Dow Jones industrial average gained 1.3 percent to close at 9361.61, the Standard & Poor's 500 Index rose 1.2 percent to 1005.81, and the Nasdaq Composite Index added 1.5 percent to 1998.72.

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