NZ stocks: Trade mixed, PumpkinPatch to enter US

The sharemarket tiptoed higher in a session of mixed as investors continued to search out pockets of value, a broker says.

At 5pm, the benchmark NZSX-50 index was up 2.21 points at 3057.63, while the NZSX-All capital index was up 0.10 of a point at 985.34.

Turnover was $84.3 million, including $41.7m worth of Telecom, its shares down 1c at 607.

Hamilton Hindin Greene broker Grant Williamson said the 215,731 Contact Energy shares traded was indicative of the market's performance of a whole.

Contact fell 4c at 661, down from 724c on March 10.

"It's been a mixed day, there's just not much going on," Mr Williamson told NZPA today.

PumpkinPatch said it would dip a toe in the US retail market later this year, but says the plan won't impact on its rosy earnings outlook for the current financial year.

"That's a very sensible approach, but the market didn't appear to like that, perhaps looking for a change in dividend policy," Mr Williamson said.

PumpkinPatch shares closed down 12c at 320 on the news.

A number of stocks continued to trudge higher, having dropped considerably in the past month, Mr Williamson said.

Fletcher Building gained 3c to 666 as investors continued to see value in the stock, which touched 752c on March 7.

Steel & Tube recovered another 1c to close at 471, having fallen from 555c on March 4.

Meanwhile, Wrightson Finance, a unit of Wrightson Ltd, said it was considering issuing $40m to $60m of retail bonds. Wrightson shares were up 1c at 180.

In other market news, Graham Roberts, formerly an executive with courier companies DHL and TNT, has been appointed chief executive of Turners Auctions, whose shares were up 5c at 375.

Tower, up 2c at 186, has appointed financial services consultant Pieter Lindhout as chief executive of its New Zealand General Insurance and Direct Risk businesses.

Also in the insurance sector, AMP was up 6c at 735, while Axa Asia Pacific was up 4c at 446.

Fast food operator Restaurant Brands was up 2c at 132 after yesterday posting a 33 per cent rise in its February year profit to $10.7m.

In the retail sector, Hellaby was down 15c at 585, Michael Hill International was down 15c at 800, Briscoe was up 3c at 125, and PostiePlus was up 4c at 70.

- NZPA