NEW Zealand equities stormed past 4,200 on the NZX50 Index, recovering ground lost since mid-January despite a mixed week of corporate earnings.
The NZX50 index of leading stocks rose 44.175 points, or 1.1 per cent, to 4,214.603, a level not seen since Jan 18, when there was a surge of pre-earnings season optimism about earnings quality.
Total turnover was unusually heavy at $200.5 million, at the end of the biggest week of the mid-year earnings season.
Within the index, 26 stocks rose, 17 fell and seven were unchanged.
Pre-season optimism had looked in danger of being snuffed out this week as leading stocks either disappointed or only just made earnings guidance.
However, announcements of job cuts in both New Zealand and Australia by heavyweights such as Fletcher Building gave investors heart that senior managers had strategies to deal with sub-par earnings in the weak New Zealand economy.
Fletcher, Telecom and Contact Energy, together worth 26.3 per cent of the NZX50, all rose after announcing hundreds of job cuts along with barely adequate earnings.
"We've got more to go. We've just started the process," said Shane Solly at Mint Asset Management.
"We've been concerned that there's been a bit of phony war going on" in New Zealand, with large employers delaying lay-offs until signs of an improving economy emerged.
Telecom was the third strongest riser on Friday, up 3.85 per cent to $2.29.
Fletcher took a pummeling earlier in the week, but rallied 1.52 per cent on Friday to close at $8.68.
Contact surged during the trading day, although it finished only 1.73 per cent up for the week after reporting solid half year earnings and a plan to cut 10 per cent of its staff of 1,100.
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