New Zealand share prices closed 0.26 percent higher on Monday with sharp gains in wood products heavyweight Carter Holt Harvey helping to offset losses in other major stocks, dealers said. They said Carter Holt Harvey announced late Friday it was selling a third of its forests for 441 million dollars, mostly to a consortium comprising United States forest company Rayonier and fund manager RREEF Infrastructure.
Carter Holt Harvey closed 11 cents or 4.6 percent higher at 2.49 dollars, its highest finish in almost a year.
"That's certainly been perceived positively by the market," Forsyth Barr broker Suzanne Kinnaird said.
The benchmark NZSX-50 gross index rose 8.83 points to 3,334.10 on turnover of 102.61 million dollars (69.3 million US dollars). Of 151 stocks traded, 58 fell and 47 rose.
Market leader Telecom fell three cents to 6.27 dollars and Auckland International Airport rose six cents to 2.39 dollars. Kinnaird said trade in the airport company was being driven by speculation the company will soon announce some form of capital return to shareholders.
Number two listing Contact Energy succumbed to profit-taking after its recent gains, losing 10 cents to 7.75 dollars. Fletcher Building added three cents to 6.96 dollars, Fisher and Paykel Appliances was up four cents at 3.65 and discount retailer the Warehouse rose six cents to 3.58.
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