By the close of trading yesterday, Fletcher Building's share price had risen 5%, Steel and Tube 7.75% and Opus 4.5% while Tower was down 3%, on fears it could face significant insurance liabilities.
Early yesterday, investors were caning Tower's shares which slipped 7% soon after opening, but that was arrested by a statement to the New Zealand Stock Exchange in which Tower said its reinsurance policy would cap losses at $5 million.
The after-tax effect of this would be a cost of about $3.5 million.
Tower's managing director, Rob Flannagan, said the company received hundreds of calls from customers over the weekend and assessing the damage and cost would take time"While this is a new experience for many of those affected, Tower itself is in the business of insurance and the cost is part of our normal financial planning," he said.
IAG made a similar statement yesterday, saying reinsurance policies would limit its exposure.
Craigs Investment Partners broker Chris Timms said sharemarket turnover yesterday was busier than usual, due to the effect of the earthquake, but also helped by positive sentiment from overseas sharemarkets.
The 4.4 million shares traded in Fetcher Building was double a busy day, with the stock closing at $8.14.
The number of shares traded in Steel and Tube was low and the stock closed up 7.75% at $2.37, while interest in Opus was greater than normal, with it closing up 4.5% at $1.62.
Interest in Tower was also greater than normal, with one million shares traded.
On opening yesterday, the price immediately fell 16c on Friday's close to $1.75, but recovered during the day to close at $1.85, down 3%.
