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MARKET CLOSE: NZ stocks rise on bargain hunting; GFF rises

MARKET CLOSE: NZ stocks rise on bargain hunting; Goodman Fielder gains, ANZO falls

By Jason Krupp

Aug. 4 (BusinessDesk) - New Zealand stocks rose for the first time in three sessions, with a spate of bargain hunting helping keep fears about the sustainability of the global economy at bay for the time being. Goodman Fielder led gainers, while AMP NZ Office Ltd. fell.

The NZX 50 Index rose 7.95 points, or 0.2%, to 3377.77. Within the index, 22 stocks rose, 13 fell, and 15 were unchanged. Turnover was $121 million.

"Quite a few people seem to be looking at where markets have fallen back to, and perhaps thinking that they're a bit oversold and this is perhaps a good period of get back in," said Share Solly, portfolio manager at Mint Asset Management.

Goodman Fielder, the Australian food ingredient manufacturer, rose 3.6% to $1.15. The stock is rated as a 'hold' according to a consensus view of 12 analysts compiled by Reuters.

Vector Ltd., the electricity and gas distributor, rose 2.5% to $2.46, with the stock having recovered its losses since July 19.

Skellerup Holdings, the rubber goods and milking equipment manufacturer, rose 2.4% to $1.27.

Guinness Peat Group, the investment holding company, rose 2.2% to 69 cents.

New Zealand Oil & Gas Ltd., the energy exploration and production company, rose 1.5% to 69 cents.

New Zealand refining Co., which operates the country's only oil refinery, rose 1.5% to $3.45.

Fisher & Paykel Healthcare Corp., the breathing mask and respirator manufacturer, rose 1.2% to $2.55 after the New Zealand dollar dropped 1 U.S. cent to 87.05 U.S. cents this afternoon after Japanese officials moved to weaken the yen. F&P Healthcare generates over 50% of its revenue in U.S. dollar terms.

Wakefield Health Ltd., the hospital operator, rose 1% to $5.15 after it announced that its now controls 34.1% of Norfolk Investments Ltd. as part of its $3.80 per share offer. The deal is conditional on Wakefield gaining a 50% stake in Norfolk.

Charlie's Group was unchanged at 44 cents after Japanese brewer Asahi Group extended its takeover offer for the soft drink and juice maker by 14 days until Sept. 2. The company said it has so far received acceptances from shareholders representing 75.2% of shares.

Pyne Gould Corp., the financial services company, was unchanged at 37 cents after it was revealed that Californian hedge fund Baker Street Capital now owns a 19.78% stake in the company.

AMP NZ Office, the specialist investor in office properties, fell 2.3% to 84 cents, leading decliners on the exchange.

Restaurant Brands NZ Ltd., the fast food franchise operator, fell 1.3% to $2.35.

Sanford Ltd., the fisheries company, fell 1.2% to $5.10.

APN News & Media Ltd., which publishes the New Zealand Herald newspaper and operates the Radio Network, fell 0.8% to $1.31.

Tower Ltd., the general insurer locked in a legal stoush with the Earthquake Commission over how the $100,000 payment is meant to work in situations like the Christchurch earthquakes, fell 0.7% to $1.44.

The EQC today argued before the High Court in Wellington that under the current legislation householders pay $50 per annum for Earthquake Commission insurance of up to $100,000 under a deal that can’t apply more than once in a year, while Tower's interpretation is that it extends to include several events in a single period.

Warehouse Group, the country's biggest listed retailer, fell 0.6% to $3.50.

(BusinessDesk)

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