The sharemarket held reasonably steady yesterday despite nervousness about the US attacks on Afghanistan and a jittery Australian market.
"It was a good performance given the Australian market was down 1.4 per cent," said Grant Williamson of Hamilton, Hindin, Greene. "Our market took it well."
The Australian market was nervous both aboutthe Allied attacks and the November federal election.
Mr Williamson said he expected the US market to take the attacks in its stride, as they had been so well signalled.
The NZSE-40 capital index closed down 7.41 points at 1889.07 on volume of $37.9 million. The top 10 index fell half a per cent, or 4.29 points, to 820.01, and the small stocks index fell just 1.11 to 5192.94.
Market heavyweight Telecom topped the turnover by value, falling 3c to $4.43 on $7.3 million worth of shares.
There was still plenty of interest in Air New Zealand where the A shares closed up 2c at 33c and the Bs closed square at 30c.
"We still value the company higher than where it currently is and we think some of the parts will be greater than what we've got at the moment," said broker David Price of Credit Suisse First Boston.
Air NZ's 30 per cent owner, Brierley Investments, whose stake will be diluted to 5.1 per cent after the bailout, took a beating, down 5c to 31c, as its other big asset, Thistle Hotels of Britain, fell to a new low of 81p.
Fisher & Paykel lost 5c to $13.35 after shareholders, as expected, voted in favour of the company's split into two divisions. F&P said it had seen a strong six months of appliance sales, but the surge was petering out in Australia ahead of the election in November.
Contact Energy gained 3c to $3.41 after it announced a joint investment with cornerstone shareholder Edison Mission Energy to build and run a gas and electricity plant in Victoria, Australia.
Fletcher Building continued to do well, rising 1c to $2.70.
Auckland Airport also did well, losing just 3c to $3.42 after going ex its 6.25c dividend.
Carter Holt Harvey fell 5c to $1.47, continuing its trend down.
Other movers included: AMP down 20c to $22.65, Axa, down 8c to $3.12, Frucor, down 4c to $1.64, Genesis, down 10c to $2.70, Hallenstein Glassons, up 5c to $2.65, Horizon, up 26c to $12.11 on just 390 shares, Metlifecare, up 10c to $1.15, NZ Refining up 20c to $15.00, Sky City down 10c to $11.15, Tourism Holdings, down 5c to $1.14, Tower, up 5c to $4.95, Tranz Rail, down 7c to $4.33, The Warehouse, up 10c to $6.04 and Wilson & Horton, up 15c to $8.20.
