KEY POINTS:
The sharemarket traded positively yesterday with a bias towards top-performing big stocks.
The NZX-50 index rose 6.51 points to 4240.36.
Market leader Telecom was flat at $4.62 following a re-rating on Tuesday by US broker Citigroup to buy from hold.
Nigel Scott, ABN Amro Craigs retail equities adviser, said investors were concentrating on strong core "stories" which could weather the strong currency.
"It seems to be a function of the market reverting back to the large cap, strong domestic focuses which may not have as much impact from the currency."
Fletcher Building jumped 23c to $12.50, Contact Energy gained 9c to $9.11, Auckland Airport firmed 2c to $3.30, and The Warehouse rose 6c to $6.10.
Scott said that the currency was in unchartered territory and "things have moved so fast" that there would be a short-term impact until companies had strategies to match.
Export-related stocks fell. Fisher & Paykel Healthcare was down 2c to $3.28, F&P Appliances was also down 2c to $3.45, and Pumpkin Patch lost 1c to $3.19.
Other downward moves included Port of Tauranga, down 14c to $7; Ryman, down 5c to $2.25; PGG Wrightson, down 3c to $1.72; and Infratil, down 9c to $3.07.
Finance company Dorchester Pacific rebounded 6c to $1.61 following the receivership of Bridgecorp.
Dorchester yesterday confirmed it no longer had any shareholding or commercial relationship with Bridgecorp.
Also on the rise were Hellaby Holdings, up 14c to $3.50; Cavalier, up 10c to $3.25; Turners Auctions, up 10c to $1.25; and Abano, up 5c to $3.70.
Things were not so sweet for honey company Comvita which tumbled 51c, or 14 per cent, to $3.10 after losing 13c on Tuesday following a profit warning on Monday.
- NZPA