New Zealand Investment Trust

NZealand shares close at fresh record high in light trade

WELLINGTON (AFX) - New Zealand shares hit a fresh closing high but trade was
light with institutions noticeably absent ahead of the year-end holiday, dealers
said.
The benchmark NZSX-50 gross index gained 19.83 points to 3,046.91 on
turnover worth 35.3 mln nzd. Gains led declines 57 to 22.
Despite many institutional investors still being away on a Christmas break,
First NZ Capital research manager Barry Lindsay said there was still a positive
to trade.
Market leader Telecom rose five cents to 6.10.
Other blue chips on the rise included Fisher and Paykel Healthcare, up nine
cents at 3.24, Contact Energy, up eight cents to 6.40 and Sky City Entertainment
which added two cents to 5.30.
Lindsay said Sky City Entertainment had recovered some lost ground after
slipping in the wake of recently enacted anti-smoking laws.
"Investors ... I guess are now getting over any concerns they might have had
about the effects of the smoking ban on its business," he said.
On the negative side, Vertex fell five cents to 1.57, Fisher and Paykel
Appliances lost two cents to 4.28 and The Warehouse was down two cents to 3.56.
The New Zealand market will trade for half a day tomorrow before the New
Year break, with normal trading hours resuming on Jan 5.