NZ stocks: F&P Appliances stand out in flat trade

12.00pm

Fisher and Paykel Appliances surged this morning, providing the main highlight on an otherwise flat sharemarket.

At 11.30am the NZSE-40 Capital Index was down 1.04 points to 2024.68 on turnover of less than $10 million.

The market had no assistance from offshore markets. Overnight, a four-day recovery on Wall St came to a halt after a bankruptcy filing by US Airways Group Inc and belief grew that the Federal Reserve might not cut interest rates at its meeting tomorrow morning (NZT).

F&P Appliances basked in the glow of a solid first quarter and healthy earning forecasts, rising 22c to 952.

Chairman Gary Paykel told shareholders yesterday the company expected a group net profit after tax of more than $30 million for the six months to September 30. That compares with the $12 million profit recorded for the same period last year.

Earnings before interest and tax (ebit) in the company's appliances division are expected to be more than double the $18.1 million recorded during the first half of last year.

Fletcher Forest shares were the most actively traded, remaining steady at 23 ahead of today's meeting on the Central North Island Forest. GPG, which has declared war on the deal, was steady at 165.

Sky TV was up 3c to 380 ahead of its annual result on Thursday.

Retailer Briscoe Group fell 8c to 245 after the company posted second quarter sales figures showing a 17 per cent on the year before.

Other moves included Carter Holt Harvey, also down a cent to 178; Telecom steady at 497; and Fletcher Building up 2c at 291.

Tower Ltd fell 6c to 404 to sit only 4c above its all-time low.

Rises outnumbered falls 25 to 18 on 93 stocks traded.

The Dow Jones industrial average was down 56.76 points, or 0.65 per cent, at 8688.69. The broader Standard and Poor's 500 Index was down 4.86 points, or 0.53 per cent, at 903.78.

The technology-laced Nasdaq Composite Index was little changed, up 0.57 points, or 0.04 per cent, at 1306.69.

- NZPA