NZ shares rise as Genesis debuts

NEW Zealand stocks have risen after shares in the partially privatised Genesis Energy soared as much as 18 per cent in its debut listing on the NZX.

That buoyed other listed energy companies in the process.

The NZX 50 Index rose 12.799 points, or about 0.3 per cent, to 5103.348 on Friday.

Within the index, 22 stocks rose, 17 fell and 11 were unchanged. Turnover was $149.6 million, which excludes Genesis, which is not part of the index as yet.

At $1.81, Genesis closed 17 per cent higher than its listing price of $1.55.

Fellow state-controlled generator-retailer Meridian Energy rose 1.7 per cent to $1.175 while Mighty River Power advanced 1.1 per cent to $2.21.

Contact Energy, which was fully privatised in 1999, gained 1.5 per cent to $5.58 while Infratil-controlled TrustPower climbed 1.2 per cent to $6.53. Auckland lines company Vector increased 1.6 per cent to $2.49.

"The final mixed ownership IPO has ended with a real bang for investors," said James Smalley, director at Hamilton Hindin Greene.

"A number of institutions saw the writing was on the wall with regards to demand for Genesis stock versus the amount of stock that was on offer and realised if you were underweight in that sector and expecting to correct your weightings with the Genesis IPO that wasn't going to happen so we did see a bit of buying."

Tech stocks, hammered in recent days, showed some recovery. Diligent Board Member Services led the benchmark index higher, up 6.7 per cent to $4.75, Pacific Edge rose 1.7 per cent to $1.17 and Xero gained 3.4 per cent to $29.00.

Fletcher Building, New Zealand's largest listed company, fell 0.9 per cent to $9.62 and Telecom dropped 0.8 per cent to $2.63.

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