NZ shares rise as Tower, Fletcher recover

NEW Zealand shares have closed higher as Tower recovered from its post-quake decline and Fletcher Building gained from its recent slide.

The NZX 50 Index rose 5.194 points, or 0.1 per cent, to 4581.99. Within the index, 22 stocks rose, 19 fell and nine were unchanged. Turnover was $93 million.

Tower, the general insurer, rose 2.2 per cent to $1.88, recovering some of the ground shed at the start of the week when a magnitude 6.5 earthquake shook Wellington and sparked concerns about a rush of insurance claims.

Fletcher Building, the biggest company on the NZX 50, rose 0.5 per cent to $8.31.

The benchmark index is heading for a monthly gain of more than three per cent, which Mint Asset management portfolio manager Shane Solly said reflects a reduction in concerns the US Federal Reserve will remove its stimulus of the world's biggest economy too soon.

"We've had a pretty strong rally, from being pretty weak last month," Mr Solly said.

Investors are preparing for earnings season and "we've not seen a whole bunch of confessions come through yet," he said, referring to companies warning they would miss estimates.

Fonterra Shareholders' Fund, which warned on Thursday that earnings would not meet its prospectus forecast because of drought in the first quarter, rose 0.8 per cent to $7.33.

Kathmandu, the retailer that counts Australia as its largest market, fell 1.9 per cent to $2.63 and Brisbane-based jewellery chain Michael Hill International declined 0.8 per cent to $1.26 amid continued concern about a weaker economy and fierce retail rivalry across the Tasman.

"Companies with Australian business will point at it as a weak point in their activities," Solly said.

OceanaGold, the operator of the Macraes gold field, fell 2.9 per cent to $1.99. The company has declared a $US70.5 million ($NZ87.4m) net loss in the second quarter, reflecting a $US85.5m non-cash writedown in the carrying value of its New Zealand gold mining operations.

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