NZ stocks: AMP stars as sharemarket rises

12.55pm

AMP starred on the sharemarket today as investors looked past the financial services company's A$5.5 billion ($6.24 billion) annual loss reported yesterday.

Market leader Telecom underpinned the market with a 6c gain to 570 on turnover worth $4.4 million.

AMP, which posted an operating profit of A$619 million, up 16 per cent on forecasts, rose 18c to 579 to add to yesterday's 14c gain. The two-day gain is 6 per cent. The loss was a write-down of its ill-starred British investments.

The benchmark NZSX-50 gross index was up 12.45 points to 2485.63 at noon, while the NZSX-40 capital index was up 9.48 to 2271.73. Turnover was worth just $18 million.

Fisher & Paykel Healthcare rose 10c to 1175.

Contact Energy maintained its firm tone on speculation that Australian Gas Light or Origin Energy could take out Edison Mission's 51 per cent stake which is on the block. It was up 4c to 520.

Sky City continued to firm, rising 9c to 460, to add to yesterday's 12c bounce. The company was sold off last week after its result but is on the up again in response to road shows it has been conducting in Australia.

Freightways rose 2c to 212 after yesterday's 6c selloff on news New Zealand Post was in discussions with the international courier and logistics company DHL about a possible joint venture here.

Carter Holt Harvey fell another 1c to 201 to add to yesterday's 3c fall. Investors have been taking profits after Wednesday's 11c surge on speculation it will get a good price for its tissue unit.

GPG rose to 201, up 2c, for the first time. The investment company gained 5c yesterday when it announced its usual one-for-10 bonus issue. Brokers said the snapshot of the company's balance sheet released with its recent result on Wednesday showed quite substantial unrealised gains.

Restaurant Brands, operator of the KFC, Pizza Hut and Starbucks brands, surrendered half of yesterday's 2c gain to 122. Yesterday, it announced flat third quarter sales but a recovery from the second half slump.

Tower, which has been risen strongly on speculation that fellow insurer Promina might have a bid for it, fell back 7c to 148 today.

There were few other moves of note. Fisher & Paykel Appliances rose 3c to 393, Turners Auctions rose 4c to 404, Westfield rose 10c to 410 and Westpac NZ was down 5c to 1810.

There were 35 stocks up and 22 down among the 96 traded in the first quarter of an hour.

- NZPA