Cheaper oil fuels NZ sharemarket rise

WELLINGTON: THE New Zealand sharemarket has advanced, as cheaper oil prices benefited some leading stocks.THE NZX 50 Index rose 21.972 points, or 0.4 per cent, to 5760.376 on Friday.

Within the index, 22 stocks rose, 16 fell and 12 were unchanged. Turnover was $99.4 million.Nuplex Industries extended its gains, rising 3.4 per cent to $3.69, after it lifted guidance for its full-year earnings and with cheaper oil prices meaning lower input costs for the resin maker.

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Transport stocks also gained, with Freightways up 1.3 per cent to $6.26, Mainfreight 0.6 per cent to $15.95 and Air New Zealand 1.4 per cent to $2.94.

“It’s really showing that some of these companies are benefiting from earlier oil prices,” said Grant Williamson, director at Hamilton Hindin Greene.”They’re starting to see some good growth.”

Spark New Zealand rose 0.7 per cent to $2.89 while Fletcher Building declined 0.6 per cent to $8.60.