NZ stocks: Share index hovers near record as good corporate news flows

The sharemarket's index of top 50 stocks continued to tip-toe around a historic high today as a slew of mostly positive corporate results continued to flow.

Today, Mainfreight, Metlifecare and NGC all turned in good results. Yesterday, Just Water, Mike Pero and Sky Network TV results were well received, in contrast to Sky City and Evergreen.

Shortly before midday the benchmark NZSX-50 index was off 2.95 points at 3181.61. Yesterday the index climbed 27 points to sit just below its life high of 3191.72. The NZSX-All capital index was down 0.68 of a point to 1041.14.

Turnover by 11.30am today was very light with 7.21 million shares worth $24.62 million changing hands.

Freight company Mainfreight reported a 20 per cent increase in net profit to $7.7m for the nine months to December 31. It had previously reported a sharp fall in half year net profit to $1.1m from $3.7m as a result of integrating Owens Group into the company.

Mainfreight shares rose 12c to 270 having risen 66 per cent from 164 a year earlier.

Retirement village operator Metlifecare was unchanged on 370 after it reported a 23 per cent increase in its December 2004 year net profit to $17.47m.

It forecast a full year net profit for 2005 of $21.5m. It expects a takeover offer in conjunction with the sale of the quarter stake held by founder Cliff Cook. Its shares are up 68 per cent for the year.

NGC was down 2c to 323, having today reported an 11 per cent fall in its December half year net profit to $44.7 million. However, earnings per share were up sharply as a result of the return of $525m of capital a year earlier. Its shares are up 43 per cent on a year ago.

Pay television operator Sky TV rose 2c to 687 adding to yesterday's 40c spike after it reported a December half profit of $48.7m against $12.4m a year earlier.

Sky City shares fell 3c to 514 to add to yesterday's 6c loss after it posted a 4 per cent rise in its half year profit to $57.1m. The casino company said it had faced difficulties from the recently introduced smoking ban and a limit on the size of denomination of bank notes its gambling machines can accept.

Market heavyweight Telecom was unchanged at 634 while the market's No 2 stock Contact Energy pulled back 8c to 710 following its 18c jump yesterday to a record high.

Dual listed media company APN reported a 24 per cent rise in full year profit to A$128.27 ($140.78) million. APN shares were unchanged on the NZSX at 540.

Two other recent reporters that were well received pushed to new highs. Pumpkin Patch rose 4c to 355 while Steel & Tube rose 4c to 535.

Mike Pero Mortgages said its December half profit was in line with projections at $802,061. It held yesterday's 3c gain at 85.

Evergreen Forests posted a $8.34m loss for December half, an improvement on the $13.15m loss of a year earlier. Its shares were unchanged at 32c.

Just Water yesterday reported a 45 per cent rise in December half profit to $1.3m. Its NZAX listed shares also held yesterday's 2c gain at 102.

In all there 44 stocks up against 37 down among the 134 traded.

The US market was closed for the President's Day holiday.

- NZPA