NZ stocks: Market steady despite offshore volatility

6.00pm

The sharemarket sailed a steady course again today as major markets overseas continued to jive violently.

The NZSE-40 capital index lost 5.39 points points, or 0.27 per cent, to 1980.76 on trading worth $77.5 million.

The top 10 index lost 4.80 points to 882.04 and the small stocks index lost 8.92 to 5484.21.

Both Wall Street and London had volatile sessions before the local market opened and that turned the local buyers away.

However, brokers said that other than overseas influences -- the possibility of a United States war on Iraq and concerns about corporate profits -- there was no strong reason to sell.

``It's fair to say that people have got one eye on the offshore markets and still remain a little bit nervous, but our market has been very resilient in the face of weak offshore sentiment,'' Salomon Smith Barney broker Craig Robins said.

The market was led down by Telecom, which dropped 6 cents to 490 on shares worth $47.5 million.

Star performer was debutante Turners Auctions which confirmed strong demand ahead of its float with a spectacular listing at 240 -- a 60 per cent premium on its 150 issue price.

Some 842,000 shares had changed hands. The stock closed on 232.

Brokers and institutions had oversubscribed by three times after the offer opened in early September.

Guinness Peat Group, which still owns 38.8 per cent of Turners, fell 1c to 156.

Independent Newspapers continued to wilt under pressure, dropping another 4c to 306 as rumours of the sale of Telecom's 10 per cent fail to go away. However, its two thirds owned Sky TV rose 4c to 329. The pay TV company is expected to get a record audience for the Warrior's big NRL finals match on Sunday.

Auckland Airport fell 3c to 430 despite a court ruling saying it could proceed with its capital repayment.

BIL International rose 5 cents to 61 cents.

AMP continued to recover from a torrid couple of weeks, rising 24c to 1385 and it is now 11 per cent off its low.

However, Baycorp Advantage continued its dismal run, sinking another 9c to 335 and touching a low of 330, the lowest since Baycorp merged with Data Advantage at the start of the year.

Wellington Drive Technologies, which today announced it has granted a licence to Seeley International of Adelaide to manufacture WDT's motors, jumped 11 per cent, 4c, to 40c.

Michael Hill fell 14c to 561, Fisher & Paykel Appliances fell 10c to 980, NZ Refining gained 25c to 1680, Lion Nathan fell 10 to 615, and Tranz Rail fell 4c to 151.

There were 29 rises against 59 falls among the 128 stocks traded.


- NZPA