Big day of trading as investors reposition portfolios

James Lindsay

The S&P/NZX 50 Index increased 47.81 points, or 0.5 percent, to 9,435.50. Within the index, 19 stocks gained, 26 fell, and five were unchanged. Turnover was $449 million, of which Spark accounted for $199.1 million and Contact $102.8 million.

Trading was unusually busy today with a number of large placements from international investors driving volumes. Upcoming index reweightings have underpinned increased activity this month, but Nikko Asset Management portfolio manager James Lindsay said that wasn't driving the big trades.

"There are some interesting things going on in the New Zealand market at the moment, with a number of very chunky placements from offshore, reasonably long-term shareholders in a number of names that have been exiting their positions and distributed around to others," Lindsay said.

Spark was the most traded stock with 55.4 million shares changing hands, including one trade of 47.5 million at $3.595 a share. That compares to its 90-day average volume of 4.9 million. The stock decreased 2.2 percent, or 8 cents, to $3.62 today, having shed rights to 12.5 cents of ordinary and special dividends.