13 Sep 2013

Mainfreight does well in Friday trading

8:18 pm on 13 September 2013

Among the top performers in the NZX on Friday was the transport and logistics company Mainfreight, rising 14 cents to $10.75, and Sky Television, up 8 cents to $5.72.

The market closed higher on Friday, gaining 9 points, to 4,650.

Among the worst performers were Oceana Gold, which has been hit by declining gold prices, with the stock falling 7 cents to $1.96. And Diligent, which rallied this week, was down 19 cents to $5.77.

Shares in The Warehouse were down 5 cents to $3.71, despite the retailer lifting its annual net profit by nearly two thirds to $145 million.

Mint Asset Management investment manager Shane Solly says the sharemarket's been a solid performer this week, especially given the uncertainty over whether the US central bank will start tapering off its support next week.

On the currency markets, the New Zealand dollar held onto the gains sparked by Thursday's statement from the Reserve Bank that interest rates will have to rise next year.

Bancorp Treasury Services client advisor Peter Cavanaugh says the dollar is unlikely to change much, barring offshore shocks, until figures on economic growth for the June quarter are published next week.

Economists' forecasts for GDP range from the economy shrinking by a fifth of a percent, to it expanding by as much as two thirds of a percent.

Shortly before 5pm, the kiwi was little changed from the same time 24 hours ago, buying 81.15 US cents, 87.75 Australian, 51.38 pence, 80.90 euro and 0.6112 yen.