NZ stocks: F&P this morning's stand-out

12.20pm

The Fisher and Paykel stocks stood out this morning on an otherwise dull sharemarket.

F&P Healthcare jumped 34c to 909 after it reported a maiden year profit of $48.1 million and its sister company F&P Appliances, which owns 20 per cent of Healthcare, rose 30c to 975.

"The numbers and rhetoric look pretty good to us so far," ABN Amro broker Nigel Scott said.

He said the result augured well for Appliance's result due next week which is expected to be a boomer. There was heavy turnover worth $4.0 million.

The NZSE-40 Capital Index was up 0.35 points to 2140.56 at noon.

Volume was boosted to 24.5 million shares worth $50.5 million by a portfolio sale by JB Were.

Market leader Telecom was up 3c to 515 on volume worth $11.5 million.

Carter Holt Harvey fell back 5c to 204 after its good run this week.

Mr Scott said the market was likely to be quiet next week after the long weekend and a three-day week in Britain.

Fletcher Forests stretched further ahead, up 1c to 27c, on optimism that it can finalise a deal over the Central North Island Forests with its former partner and foe, Citic. A bid by the Vela brothers to buy CNI from the receiver collapsed yesterday.

Forests' 17.6 per cent owner, Rubicon, which will benefit from any deal, was steady on 68c.

In other movements Air NZ slipped 1c to 68c. The airline revealed yesterday it was open to the idea of working with its fierce rival Qantas, a change in mood from the bitter public recriminations and threats of legal action earlier this year.

Auckland Airport slipped 4c to 455, Baycorp Advantage was 5c up at 440, Fletcher Building slipped 3c to 290, and Sky City added 11c to 661.

Utilities investor Infratil was up 3c to 192. The company this morning reported a full year net profit of $80.5 million -- up sharply on last year's $16.5 million profit. It announced a share buyback of up to 2 million shares.

Pacific Retail Group jumped a further 25c to 285, adding to yesterday's 16c gain after the company posted a 68 per cent leap in profit to $17.4 million in the year to March 31.

There were 46 rises and 29 falls among the 122 stocks traded. In the United States the broad market fell for the fourth day in a row on Thursday as investors fretted about rising tensions between nuclear powers India and Pakistan and reflected on the end of World Trade Centre recovery efforts.

The Dow Jones industrial average declined 11.35 points, or 0.11 per cent, to 9911.69. The broader Standard and Poor's 500 Index edged down three points, or 0.28 per cent, to 1064.66. The technology-laced Nasdaq Composite Index inched up 7.52 points, or 0.46 per cent, to 1631.91.

- NZPA