NZ stocks: Market manages to ignore soaring Wall Street

5.30pm

The New Zealand sharemarket managed to shrug off a 4.8 per cent gain on Wall Street to close down.

After initially spurting 19 points ahead, the NZSE-40 capital index closed down 5.10 points, 0.26 per cent, at 1994.29.

The small stocks index managed to stay positive, rising 20.07 points to 5498.42 while the top 10 index fell 5.48 points, 0.6 per cent, to 895.74.

Turnover was light at 18.4 million stocks valued at $52.7 million.

First NZ Capital broker James Snell blamed investors decamping from defensive markets such as New Zealand and Australian in favour of the reviving markets in Europe and the States.

A poor result by Motorola after the US market closed suggested the profit takers would move in on Wall Street, Mr Snell said.

Telecom epitomised the market action, rising in the morning to 525 but ending 10c off at 507.

Australian telco Telstra had a similar day, ending down at 5c at 545.

The Australian financial sector had a good session, AMP rising 35c to 1460, ANZ rising 32 to 2035, and Westpac NZ rising 8c to 1435.

Carter Holt Harvey closed steady on 159 after reporting a better than expected nine-month net profit of $133 million, compared with break-even for the same period last year.

Mr Snell said the stock had been under pressure over the past few days because of a portfolio sale, but the result was encouraging.

Casino operator Sky City hit a new high of 750 but closed unchanged on 745.

Port of Taurange rose 18c to 830 while Port of Auckland was steady on 600 after it reported record volumes for September.

The F&P twins had a mixed day, Appliances falling 8c to 992 and Healthcare rising 6c to 996.

Guinness Peat Group closed 2c up at 151, Independent Newspapers Ltd rose 5c to 300, its pay-TV asset Sky TV gained 1c to 335, Pacific Retail rose 10c to 310 and The Warehouse rose 7c to 722,

On the down side, Ports of Lyttelton lost 2c at 145, as its chairman Brent Layton refused demands that he step down in the wake of the company losing key shipping line contract with P&O Nedlloyd.

There were 54 rises and 35 falls among the 135 stocks traded.

- NZPA