25 Jul 2014

Sharemarket ends week on a high

8:02 pm on 25 July 2014

The sharemarket finished the week on a high note. On Friday the benchmark Top 50 Index rose 20 points to 5194.

An analyst at Mint Asset Management, Greg Fraser, said floats in New Zealand have pre-occupied fund managers.

He said on Friday there was the listing of the latest of the IPOs in the market with the Scales Corporation.

"It had a reasonable debut, just below its listing price of $1.60 - reasonable volumes in that one. It's had quite a lot of interest and it's a good solid stock. Investors should be holding this one for the long-term but there's certainly been the usual queue of people trying to exit this and looking for a short profit, but there hasn't been ny joy in that for them today."

Greg Fraser said earlier in the week the ike-GPS float also happened.

"It's a much smaller company at $50 million market value. It today (Friday) also continued its early journey - it's still below its $1.10 IPO price. Much smaller volume in that one too, so the vendors there would perhaps be a little bit disappointed.

"But in the context of all the IPOs we've had in recent months there might be some investor indigestion coming through here and maybe a bit of fatigue contributing to some of those weaker prices."

Scales shares ended the day on Friday at $1.58 - down 2 cents from its issue price of $1.60.

Shares in Ike-GPS finished the week below its $1.10 issue price, down 4 cents to 97 cents.

Xero, rose $1.40 to $25.90.