NZ stocks: Auckland Airport hits new high after result

12.00 pm

A better than expected result from Auckland Airport saw the stock touch an all-time high of 405 this morning.

The result helped push the benchmark NZSE-40 capital index up 9.85 points to 2091.57 by 11 am, on turnover worth $21.9 million.

Brokers said the market had a "bit more punch to it" this morning courtesy of the leaders and Auckland Airport's "terrific result".

"That just underlines the very good strategic position that company is in," said Alan Wills, a broker with Forsyth Barr Frater Williams.

Mr Wills said the post-September 11 results were largely a reflection of Auckland's position as biggest city.

"Tourism has gradually got back on its feet since then but I think the key thing about Auckland Airport is that, it's really the gateway to most tourists coming into the country and therefore captures all the available traffic."

At 11 am the stock had eased slightly to 402, up 10c. It posted a net after tax profit of $35.1 million for the December half year, a 23 per cent rise on the previous year. Analyst's expectations were for $32 million.

Other market leaders were also in a healthy position. Carter Holt had a "bit of a rush", rising 1c to 198 on $3.4 million worth of shares. The trading was in "appreciation that those sorts of commodity-based stocks in the cyclical sense could recover if the economies recover next year."

Telecom also had a good morning, topping the total turnover and rising 4c to 511. Contact, another leader, was up 3c to 400. Sold off after the failure of Edisson Mission's $4.14 per share offer, Contact was poised to strengthen, Mr Wills said.

Other stocks to move included Fletcher Building up 2c to 305, Port of Tauranga up 4c to 765, Ports of Auckland up 5c to 600, Sky TV up 4c to 444, THL up 4c to 106 and the Warehouse up 5c to 670.

There were 34 rises and 15 falls on 103 stocks traded so far.

On Wall St, most stocks ended slightly higher as optimism drawn from Federal Reserve Chairman Alan Greenspan's comments faded on a lack of bullish conviction and profit-taking.

The Dow Jones industrial average ended the day up 12.32 points, or 0.12 per cent, at 10,127.58, while the broader Standard & Poor's 500 Index finished flat -- up 0.51 of a point, or 0.05 per cent, at 1,109.89. The Nasdaq Composite Index shed 15 points, or 0.85 per cent, to 1,751.86.

"People are realising the recovery will not be that fast," said Howard Kornblue, portfolio manager at ING Pilgrim.

- NZPA