3 Sep 2010

NZ sharemarket up

6:14 pm on 3 September 2010

The New Zealand sharemarket's benchmark NZX50 index gained 25 points to close at 3017 on Friday on turnover of $62 million.

Fletcher Building was up 7 cents to $7.75, Telecom was up 2c to $2.05, Contact Energy up 5c to $5.66, Sky City Entertainment was down 2c to $2.93 and Sky Network Television was up 4c to $5.08.

Fisher & Paykel Healthcare was up 4c to $3.02 after it announced Mondrian Investment Partners has become a shareholder, owning more than 5%.

Vector was up 1c to $2.08, Mainfreight was unchanged at $6.80 and Freightway was up 3c to $2.91

Allied Farmers was unchanged at 2.4c after chief executive Rob Alloway announced he would step down at the end of the year.

NZX was up 6c to $1.45 after Fonterra on Thursday announced it had chosen the company to develop its farmer share trading platform, and news on Friday that the stock exchange operator made a Forbes magazine list of top-performing companies.

Pyne Gould Corporation was up 2c to 43c after its subsidiary Perpetual on Thursday said it was in advanced talks with ASB about buying its investment management business, Aegis.

NZ Farming Systems Uruguay was up 1c to 70c after its directors on Thursday recommended shareholders accept a 70c-a-share offer by Olam International.

Across the Tasman, the Australian 200 index was down 3 points to 4530.

The dollar was buying 71.38 US, 78.64 Australian cents, 46.38 pence, 60.17 yen and 0.5572 euro. The Trade Weighted Index was 66.45.