New Zealand share prices closed 0.39 percent higher on Monday due to some buying by retail investors on light volumes, dealers said. The benchmark NZX-50 index closed 10.86 points higher at 2,768.27 on light turnover worth 37.6 million dollars (22.0 million US). There were 38 rising stocks and 32 falls among those traded.
"It's very light volume," said James Smalley of Hamilton Hindin Greene. There was little selling by institutions in New Zealand but interest from retail clients attracted to high yields lifted some stocks. This was enough to offset a negative lead from US markets on Friday when a weak labour market report sent stocks lower. Market leader Telecom rose six cents to 2.47 dollars. The company announced the closure of its online shopping venture Ferrit but the business was seen as too small to influence the share price. Fletcher Building fell three cents to 5.95 dollars and Contact eased 12 cents to 7.33. Trust Power was down two cents at 7.30 dollars and discount retailer The Warehouse dropped eight cents to 3.55.
Mainfreight rose nine cents to 4.80 dollars and New Zealand Oil & Gas was unchanged at 1.24. Pay television operator Sky TV was unchanged at 3.90 dollars, financial services firm Tower rose four cents to 1.54, and Fisher & Paykel Healthcare gained one cent to 3.14.