KEY POINTS:
Contact Energy, Mainfreight and Michael Hill all starred on the sharemarket today after producing strong results.
The benchmark NZSX-50 index was up 1.3 points to 3588 after 20 minutes of trading despite Wall Street stocks falling over 1 per cent.
Contact rose 15c to 770 after it reported a 4 per cent drop in half-year net profit $117.4m, that was near the top end of market expectations.
Mainfreight rose 12c to 605 after it reported a 25 per cent lift in third quarter net profit of $13.7 million, saying conditions were improved on a year ago.
Michael Hill International was up 3c to 110 after it reported a 27.1 per cent rise in half year net profit after tax to $19.5m.
Market leader Telecom dragged the market down, falling 3c to 404 and adding to yesterday's 3c loss. Second-ranked Fletcher Building fell 2c to 951 after losing 8c yesterday.
Sky TV was untraded. It reported a 40 per cent rise in first half profit to $51.2m due to increased advertising income and growth in subscriber revenue. Its shares closed on 494 yesterday.
Auckland Airport was down 1c to 282 after it gained 8c yesterday as hopes rose the board may recommend the Canadian Pension Plan partial bid for the company.
Metlifecare shares fell 20c to 550.
US stock tumbled on recession fears and a sharp pullback in crude oil prices that hurt shares of energy companies, including Exxon Mobil Corp and Chevron Corp.
The Dow Jones industrial average fell 142.96 points, or 1.15 per cent, to end unofficially at 12,284.30. The Standard & Poor's 500 Index finished down 17.50 points, or 1.29 per cent, for an unofficial close at 1342.53 and Nasdaq Composite Index unofficially ended down 27.32 points, or 1.17 per cent, at 2299.78.
- NZPA
