KEY POINTS:
The sharemarket ended the financial year on a positive note, although stocks put in a mixed performance.
The NZSX-50 benchmark index rose 22.93 points or 0.6 per cent to 3470.42 on total turnover of $126 million.
On Friday it gained nearly 43 points, bucking a negative regional trend. Today it appeared to have done so again, compared to a 0.7 per cent fall on the Dow Jones and a mid-afternoon 0.3 per cent dip in Australia.
ABN Amro Craigs adviser Nigel Scott said there was no pattern to the day, which was characterised by moderate volumes, "index changes, some stocks bouncing off recent lows and clearly activity is still mixed".
Among the leaders, Telecom fell 9c to 374 on $45m worth of shares, as the company hit "Separation Day," the day the Government set for the splitting of its operations to allow greater competition in the industry.
Fletcher Building rose 4c to 839 and Contact gained a cent to 799. Fisher & Paykel Healthcare jumped 13c to 293, possibly due to a a conference presentation today.
Other big risers included Sky City up 12c to 369 on $14.8m worth of shares and Auckland Airport up 12c to 228, as it prepared to open its new international arrivals area tonight.
Mr Scott suggested that in both cases, big players such as hedge funds might be exiting their stakes - in Auckland Airport's case, ahead of an uncertain takeover bid from a Canadian pension fund and in Sky City's case, because of lack of corporation action.
Sky City, which fell to 346 in heavy trading last week, "may have activated some buyers and sellers".
Other smaller stocks sold down heavily recently continued their comebacks, including Rakon, up 18c to 285, and Ryman, up 12c to 171.
Pumpkin Patch fell 10c to 183, Ebos up 14c to 490, Freightways up 6c to 345, Steel and Tube down 18c to 285, Sanford up 20c to 415, Port of Tauranga up 22c to 606, and Hallenstein Glasson up 10c to 375.
Skellerup fell 6c to 77c after a rights issue fell short of its target and had to be made up by the underwriters.
Index changes saw Nuplex, up 15c to 615, enter the top 15c and Infratil, down 4c to 213, enter the NZX-10. Air New Zealand, down 2c to 129, after leaving the top 15 . A spokesperson said the airline did not comment on other airlines' moves after Virgin announced it would fly directly from Sydney to Los Angeles.
Rises outnumbered falls 60 to 46 on 140 stocks traded.
In the United States, stocks fell early Saturday (NZT) as a profit warning from JC Penney raised concerns about slowing consumer spending while persistent worries about credit-related problems throttled financial stocks.
The Dow Jones industrial average fell 86.06 points, or 0.70 per cent, to end at 12,216.40. The Standard & Poor's 500 Index slid 10.54 points, or 0.80 per cent, to finish at 1,315.22. The Nasdaq Composite Index dropped 19.65 points, or 0.86 per cent, to close at 2,261.18.
- NZPA
