NZ stocks: Market ends year in the black

1.45pm

The New Zealand sharemarket finished the year in the black as the few market players around squared up ahead of 2003.

The New Zealand market closed at midday ahead of holidays tomorrow and Thursday to mark New Year's Day, and many market players have not returned from the Christmas and Boxing Day holidays last week.

The NZSE-40 capital index closed up 0.33 per cent, or 6.48 points, at 1945.39, while the top-10 index was up 0.59 per cent at 878.60.

Closing turnover of 12.47 million stocks, valued at $29.44 million, was topped by Telecom's 1.7 million stocks worth $7.5 million.

The stock exchange said this morning that its official opening figures, which indicated there had been no trading at all prior to 9am, were incorrect.

Bernie Kupidura of Direct Broking said the market had turned around by the close after earlier sitting in the red.

"Everyone's ready to pack up and go off on their New Year's break. People had a few positions to get out of and it looks a lot better when the year finishes on a positive note," he said.

As in yesterday's trading, movements in most stocks were not indicative of wider trends because they were on such small volumes.

Market leader Telecom closed up 5c at 453, having lost ground yesterday on negative comments from a telecommunications observer about the company's exposure to the tight Australian market, Mr Kupidura said.

Discount giant The Warehouse was up 12c at 732, while fellow retailer Briscoe Group was down 4c at 275.

Publishing group Independent Newspapers lost 5c to 305, while its pay-TV company Sky TV rose 5c to 328.

Carter Holt Harvey was up 1c at 175, Air New Zealand gained 1c to 50, Auckland Airport rose 1c to 555, and casino company Sky City was up 9c at a fresh high of 809.

Fletcher Building was down 5c at 335, Fisher & Paykel Appliances lost 10c to 1050, Contact Energy shed 1c to 397, Tower was down 1c at 210 and Westpac shed 14c to 1391.

There were 32 falls and 28 rises on the 100 stocks traded.

On Wall St, the Dow Jones industrial average rose 29.07 points, or 0.35 per cent, to 8332.85; the broader Standard & Poor's 500 Index gained 3.99 points, or 0.46 per cent, to 879.39; and the technology-laced Nasdaq Composite Index fell 8.77 points, or 0.65 per cent, to 1339.54.

- NZPA