Fletcher helps push NZX 50 to 4-month high

THE New Zealand sharemarket has closed firmer, as Fletcher Building gained to a seven-month high on signs of life in the Australian economy.

The benchmark NZX 50 Index rose 3.595 points, or 0.1 per cent, to 4610.306, the highest close in four months.

Within the index, 18 stocks rose, 21 fell and 11 were unchanged. Turnover was a higher-than-average $198 million, including $72m of Fletcher shares.

Fletcher, which counts Australia as its second largest market and is NZ’s largest listed company, rose 1.8 per cent to $9.42.

The stock is up 42 per cent in the past 12 months and has advanced the past few days in the face of improving Australian housing data.

Government figures on Wednesday showed the Australian economy grew 0.6 per cent in the second quarter, beating estimates for a 0.5 per cent increase.

“It’s a cyclical story,” said Nigel Scott, an adviser at Craigs Investment Partners.

“People are a bit more encouraged by some of those stats.”

Ebos Group, which doubled in size after buying Australian pharmaceutical wholesaler and distributor Symbion for $1.1 billion this year, rose 1.3 per cent to $9.83.

Trade Me, the auction website, gained 2.1 per cent to $4.43.

A2 Corp fell 1.3 per cent to 74 cents after the milk marketer said managing director Geoffrey Babidge and director David Mair had sold a combined six million shares, or 0.9 per cent of the company.

Precinct Properties dropped 4.3 per cent to $1 after coming off a trading halt where it raised $50m in a placement to institutional investors at a discounted price.

Telecom Corp fell 0.9 per cent to $2.22 after the government announced the details of the radio spectrum auction, which mobile phone operators are expected to use for fourth-generation service.

Units in the Fonterra Shareholders’ Fund, which gives outside investors exposure to Fonterra Cooperative Group’s earnings stream, fell 0.7 per cent to $7 after the dairy company found managers didn’t escalate the food contamination scare to chief executive Theo Spierings fast enough.

Source Article from http://news.com.au.feedsportal.com/c/34564/f/632570/s/30c6c69c/sc/2/l/0L0Snews0N0Bau0Cbusiness0Cbreaking0Enews0Cfletcher0Ehelps0Epush0Enzx0E50A0Eto0E40Emonth0Ehigh0Cstory0Ee6frfkur0E1226710A7331310Dfrom0Fpublic0Irss/story01.htm

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One Response to “Fletcher helps push NZX 50 to 4-month high”

  1. Alex says:

    ……..That is backed up further, when Sian Elias, current chief justice Sian Seerpoohi Elias was bribed into the position of chief justice, when her husband Hugh Fletcher, a known child abuser, bribed Prime Minister Jenny Shipley and the leader of the opposition Helen Clark into naming and seconding Sian Elias into the position of Chief Justice.

    That way Hugh Fletcher was never being charged for his child sex abuse. Hugh Fletcher would run child sex abuse soirees with 14–18-year-old Polynesian boys, and wear a Nazi uniform while he orchestrated them. That uniform may have come from Nicholas Courlander, or maybe it was one size up.

    One of those boys in Hugh Fletcher’s child sex abuse ring, Phillip Leyton Edwards, murdered David McKnee, who was a small time TV presenter, homosexual, so it was interior design, what do you expect – pillows for biting.


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