THE New Zealand sharemarket has firmed with investors attracted to Auckland International Airport's earnings outlook, while Mighty River Power and Infratil rose on plans to return capital via buybacks.
The NZX 50 Index gained 6.747 points, or 0.1 per cent, to 4717.380 on Thursday. Within the index, 24 stocks gained, 19 fell and seven were unchanged. Turnover was a lower-than-average $81.5 million.
Auckland Airport shares rose 2.5 per cent to $3.32, bringing their advance this year to about 24 per cent while the NZX 50 has gained 16 per cent.
In August, the airport said 2014 underlying earnings would be $160m to $170m, up from $153.8 million last year, helped by an expected pickup in Asian visitors.
"One of the premium stocks in New Zealand continues to be sought," said Nigel Scott, a director at Craigs Investment Partners.
Trading activity was relatively subdued "as the market gathers its cash" for the Meridian Energy sale this month, and investors "have been looking over their shoulders at the unknown in the US" of a budget shutdown and looming debt ceiling deadline, he said.
Mighty River Power rose 1.4 per cent to $2.23 after the state-controlled power company announced plans to buy back about 1.8 per cent of its stock, or up to $50m worth, over the next 12 months.
Its shares have traded below the $2.50 IPO price since the sale in May.
Infratil rose 0.2 per cent to $2.515. The investment company plans an on-market buyback of up to 24.8 million shares through a tender offer at a maximum share price of $2.60 per share on October 22, following the partial sale of its stake in Z Energy.
"Companies with additional cash are looking to buy back their shares that they see as currently undervalued," Mr Scott said.
New Zealand Oil & Gas rose 3.8 per cent to 82.5 cents and was the biggest gainer on the NZX on Thursday.
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