NZ stocks: Brokers keep their cool as Nasdaq dives

Brokers applauded the sharemarket's performance yesterday, given the inconclusive US presidential vote and the Nasdaq's subsequent 5.4 per cent dive.

"I thought it was a very good performance, although the market finished basically square. Given the Nasdaq was down 5-odd per cent overnight, we performed very well," said Deutsche Securities broker Shane Gavegan.

The market was quiet with US investors mostly sitting on their hands waiting for the US election result.

"Markets do not like uncertainty and of course the US market has got a bit of uncertainty over the election at the moment so we've probably followed suit to some degree," said Grant Williamson of Hamilton, Hindon, Greene.

Cadmus Technology says it is now completing its share placements and will list on the NZSE on Friday, November 17, 2000. Cadmus is 41 per cent owned by mining-turned-internet company Heritage Gold.

The NZSE-40 capital index closed 0.49 points ahead at 1988.66. Telecom finished 3c up at $5.97. It is due to report its first quarter profit on Tuesday with analysts picking it will be around $160 million against $172 million for the same quarter last year.

Fletcher Forests fell 1c to 34 following a report by ABN Amro that its stock could fall as low as 10c if it does not resolve its dispute with Citic, partner in its Central North Island Forestry Partnership. Its 25c rights begin trading on Monday.

Fletcher Energy lost 6c at $8.09 and Fletcher Building gained 1c to $1.97.

Carter Holt Harvey was unchanged at $1.69 and Lion Nathan dropped 3c to $5.20.

Fisher & Paykel followed on from Wednesday's loss of 10c after reporting that its half-year profit fell 3.9 per cent to $23.1 million. It fell a further 10c to $7.

Savoy Equities dropped 3c to 17 on news that director Jihong Lu had resigned after being judged bankrupt in the High Court at Auckland yesterday.

- NZPA