New Zealand Investment Trust

WELLINGTON (AFX) - New Zealand share prices rose 0.75 pct to hit a fresh
closing closing high, on paltry turnover as the market resumed trading after the
Christmas break, dealers said.
The benchmark NZSX-50 gross index gained 22.60 points to 3,027.08 on
turnover worth just 33.4 mln nzd. Gainers led losers 54 to 32.
Market leader Telecom was the star of the session, up seven cents to 6.05
nzd on turnover worth 13.5 mln.
ABN Amro Craig's Matt Willis said the market seemed to have leveraged off a
rally in the US, which pushed all three major US indices to fresh closing highs
for the year.
Willis said there had been no major market reaction to the devastating
tsunamis which caused widespread damage in Asia and East Africa.
"I thought maybe the events in southeast Asia may have moved the market.
Maybe it's just stopped it from going up a bit stronger because offshore markets
in many cases reached their highs for the year between Christmas and yesterday,"
he said.
Other blue chips on the rise included Contact Energy, which gained seven
cents to 6.32. Fletcher Building was up eight cents to 6.57 and Sky City
Entertainment rose 14 cents to 5.28.
Retailers had a mixed day. The Warehouse was down two cents at 3.70,
Hallenstein Glasson dropped five cents to 3.70 while Pumpkin Patch rose three
cents to 2.75.