Xero, Fletcher help lift NZX 50 index

XERO and Fletcher Building have provided a small gain for the New Zealand sharemarket in a mixed day of trading.

The NZX50 Index of leading stocks rose 10.846 points, or 0.228 per cent to 4,758.771 on Wednesday.

But within the index, 19 stocks rose, 19 fell and 12 were unchanged. Turnover was $110 million.

Xero put on 7.4 per cent to close at a new high of $22.10, having only pushed through the $20 mark on Tuesday. That took the accounting software provider's market capitalisation to $2.6 billion, just pipping the $2.59 billion market cap of Auckland network operator Vector, to be the seventh largest NZX-listed stock by market capitalisation.

The run-up from $17.95 last week follows the $180m capital-raising announced for Xero this week.

"They've got a runway in terms of the money," said James Lee, head of institutional equities at First NZ Capital in Auckland.

"There's just an increased belief that it's possible they can do what they've set out to do."

The company has around 211,000 customers for its cloud accountancy package and is seeking a million customers globally as it competes with other global and regional providers, such as MYOB.

Fletcher Building shares rose 1.4 per cent to $9.53 after shareholders were told at the annual meeting that forecast earnings this financial year, before interest and tax, would come in between $610m and $650m.

"They reaffirmed their goals," said Mr Lee.

With its share price falling precipitously in recent days, Diligent Board Member Services, the governance software purveyor suffering governance problems of its own, has provided Accident Compensation Corp's fund managers a buying opportunity.

A substantial security holder notice for Diligent shows ACC has taken its stake from 7.4 per cent to 8.5 per cent. Diligent shares stabilised at $4.18, up 0.7 per cent on the day, but have fallen from $5.65 on October 10.

Contact Energy, the largest listed electricity generator-retailer, was the biggest loser on the day, down 2.3 per cent at $5.20 after Tuesday's annual meeting gave no news on capital returns ahead of next week's Meridian Energy partial privatisation.

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