22 Oct 2014

Shares rise, but dollar steady

7:25 pm on 22 October 2014

New Zealand shares rose today, with the benchmark Top 50 Index rising 47 points (0.9 percent) to 5280.

Harbour Asset Management managing director Andrew Bascand said Wall Street's recovery this week continued to buoy the local sharemarket.

Xero shares gained 86 cents to $16.76, while Fisher and Paykel Healthcare shares increased 13 cents to $5.46 and Fletcher Building lost 2 cents to $8.59.

Shares in Nuplex jumped 12 cents, or nearly 4 percent, to $3.20 after the company said it is selling its agency and distribution business and plastics additives operations to a private equity-supported firm for $A127.5 million.

Nuplex said the price was a premium, but would not disclose how much.

Meanwhile, the New Zealand dollar was little changed from yesterday, aside from gaining just over a third of a euro.

Tim Kelleher, the head of external foreign exchange sales at ASB Bank, said rumours about a change in Europe's monetary policy sent ripples through currency markets.

At 5.20pm, the dollar was trading at 79.78 US cents, 90.7 Australian cents, 49.44 British pence, 0.6266 euro, 85.22 yen and 4.88 renminbi.