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NZ Sharemarket Rises, Fisher & Paykel Healthcare Up

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 19 NZPA - The New Zealand sharemarket rose when other markets faltered and Fisher & Paykel Healthcare's interim result was well received.

As expected, DNZ Property Fund revealed plans to sell $140 million of shares and list on the NZX, while recent market arrival Kathmandu rose 3c to 217.

The benchmark NZSX-50 index closed up 12.774 points, or 0.408 percent, at 3141.176. Turnover was worth $53 million.

Fisher & Paykel Healthcare rose 14c to 319 after it said net profit rose 31 percent and forecast an annual net profit between $65m and $70m.

"It was an excellent result and a good forecast for the full financial year," said Stephen Wright at ASB Securities.

Mainfreight fell 1c to 564 after reporting a fall in interim profit, while noting the second quarter was markedly better than the first.

"They are reliant, like everyone else, on the Christmas period," Mr Wright said.

Allied Farmers fell 4c to 31 as a debate raged over its plans to merge with Hanover Finance. Allied provided examples for Hanover investors to try to clarify matters and Perpetual Trust said it would not be recommending a decision to investors.

Strength in selected leaders helped the index along with Contact rising 15c to 605 and Telecom up a cent at 257. SkyTV rose 2c to 478 and Auckland Airport rose 2c to 188.

Port of Tauranga rose 12c to 692.

Sanford rose 5c to 485 on a day in which the NZ dollar fell.

Freightways fell 7c to 307 and Fletcher Building fell 5c to 785. SkyCity fell 2c to 340. NZ Refining fell 4c to 506.

Air NZ eased a cent to 128 and NZ Farming Systems Uruguay fell a cent to 44.

US stocks broke three days of gains on Wednesday following worrisome outlooks from two major software makers and a surprising drop in home construction last month.

But stocks sharply cut the session's losses just before the closing bell as many investors pointed to a strong uptrend in equities that have pushed major indexes to 13-month highs in recent days. The S&P 500 has ended down only three times in the last two weeks

The Dow Jones industrial average dropped 11.11 points, or 0.11 percent, to 10,426.31. The Standard & Poor's 500 Index dipped just 0.52 of a point, or 0.05 percent, to finish at 1109.80. The Nasdaq Composite Index lost 10.64 points, or 0.48 percent, to end at 2193.14.

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