NZ stocks: CHH helps market into the positive

12:00 pm

Investors lifted Carter Holt Harvey shares followiing its December quarter result today and that helped the overall market into the positive.

However, turnover was a paltry $13.9 million in a dormant marker that was affected by the absence of the US markets due to Martin Luther King Day.

The NZSE-40 capital index was up 3.98 points, or 0.2 per cent, at 2110.87 at 11.30am.

Greg Arnott of DF Mainland said the market was lacklustre, and would probably remain directionless until February when fund managers returned to work in full force and the remnants of Christmas fever were gone.

Carter Holt gained 3c to 178 with its December quarter net profit of $25 million being at the higher end of analysts' expectations.

Despite an improvement on earlier quarters, Carter Holt did not expect the economic environment to substantially improve in the first half of 2002.

"The pulp and paper prices seem to have come off the curve and an improved construction sector in Australia will help the stock, or hold it together, and the result's slightly more positive than we've seen in recent times," said Mr Arnott.

The company had turned the corner in terms of returning to profit, but it was still a far cry from the results of 2000, he added.

Telecom, after initially rising 3c, gave up its gains and was square on 348.

Takeover target Bendon was down 1c at 194.

In the positive, were: Auckland Airport, up 2c at 392, Fisher & Paykel Healthcare, up 7c at 1690, Baycorp, 8c at 720, fishing company Sanford, up 10c at 640, and Waste Management, up 4c at 319.

On the downside, Infratil lost 1c to 175,, AMP, 18c at 2232, Westpac NZ, 21c at 1709, and Wakefield Hospital shed 4c to 151.

There were 41 rises and 31 falls on the 114 stocks traded.

- NZPA