KEY POINTS:
The sharemarket posted a small gain today, having lost ground in a series of small declines this week in contrast to record-breaking markets in Australia and the United States.
The NZSX-50 index closed up 16 points, or 0.4 per cent, at 4296.61 - just 46 points from a record high - on very light turnover of $85.7 million.
David Price of Forsyth Barr said market strength was "relatively broad", with Telecom notable for its negative session on spartan volume. Rises outnumbered falls 74 to 34.
"The overall volume is very light - it's almost like everyone's on holiday," he said.
Aside from an exodus of market participants to Europe for the World Cup, school holidays in Australia had also dampened activity.
Telecom was down 4c at 450, continuing to ease after last week's strong run. No 2 stock Fletcher Building rose 13c to 1255, and No 3 Contact Energy was up 5c to 935.
Auckland Airport was up 5c at 307, more than recouping yesterday's 3c loss as the company tried to soothe doubts about the likelihood of the Canada Pension Plan Investment Board partial bid succeeding.
Sky City, also a takeover target, rose another 3c to 528 after losing 2c yesterday on strong volume.
The Fisher & Paykel stocks gained slightly as the New Zealand dollar remained rangebound, with F&P Healthcare up 2c at 329 and F&P Appliances up 3c at 365. Sky TV rose 3c to 575, and Vector fell a cent to 240.
Hydro generator and energy retailer Trustpower surged 24c to a record high 915 after the Government confirmed its energy strategy to reduce greenhouse gas emissions. The strategy focused on renewable energy sources and effectively banned new thermal-based power stations.
Jeweller Michael Hill fell 17c to 1140 after reporting a fall in third quarter sales, but improved margins. Other retailers fared better, with Pumpkin Patch up 6c at 311 and Hallenstein Glasson up a cent at 455.
Fast food franchise operator Restaurant Brands rose 4c, or nearly 5 per cent, to 91 after reporting a 12 per cent lift in half-year net profit.
NZAX-listed Canterbury Building Society and Loan and Building Society failed to spark any excitement with their announced merger. Neither stock traded today, with LBS last on 543 and CBS on 560.
The finance company sector was mixed, with Dominion Finance steady at 158, Dorchester Pacific up a cent at 107 and Pyne Gould Corp up 2c at 425, but NZ Finance Holdings down 3c at 78c and Lombard Group down 16c at 105.
Among the few top-50 stocks to decline, NZ Oil and Gas fell a cent to 100, Skellerup was down a cent at 108, Ebos fell 3c to 498 after announcing another Australian purchase, and Infratil lost a cent to 309.
Australia's benchmark index was up 0.4 per cent at 6766, a few points below an earlier record high, and Japan's Nikkei average edged up 0.2 per cent.
In the US, the Nasdaq was up slightly, but the Dow and S&P 500 fell after Boeing said it expects a delay in deliveries of its Dreamliner jet and early corporate results prompted concern about the outlook for profits.
- NZPA
