New Zealand shares rose 0.63 percent Friday, in line with world markets after the US announced it had moved out of recession, dealers said. The benchmark NZX-50 index rose 20.00 points to close at 3,215.62 on turnover worth 239.3 million dollars (175.3 million US).
Nigel Scott, adviser at Craigs Investment Partners, said while investors were more positive following data showing the world's largest economy was recovering, the gains remained muted. Dealers said the market liked casino operator Sky City's decision to stick to an objective of double-digit profit growth in the June 2010 financial year at its annual meeting, with the firm rising seven cents to 3.47 dollars. Among leading shares, Telecom fell five cents to 2.54 dollars, while Fletcher Building rose 10 cents to 8.32 and Contact Energy gained four cents to 6.26.
Trust Power rose two cents to 7.57 dollars after announcing a 23 percent rise in net profit for the September half, although operating revenue fell 13 percent. Auckland International Airport, which has signalled another bond sale, rose five cents to 2.02 dollars. Fisher & Paykel Appliances rose three cents to 66 cents as investors took in their stride the company's announcement of a charge of 70-75 million dollars in the carrying values of some of its North American assets.
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