NZ stocks: Market withstands Wall St dip

6.00pm

The sharemarket eased into the long-weekend with some confidence, withstanding the pressure of Thursday's dip on Wall Street.

The barometer NZSE-40 capital index was down 4.11 points, or 0.20 per cent, to 2008.72 on moderate trading worth $68.69 million at the close.

First New Zealand Securities director Phil Hunter said New Zealand's performance today was strong, compared with the US and Australian markets.

In the United States on Thursday, the technology-loaded Nasdaq Composite index lost 15 points, or 1.17 per cent, to 1304, after raking in a gain of more than 2 per cent on Wednesday. The blue-chip Dow Jones Industrial average fell 151 points, or 1.79 per cent, to 8342.

Telecom again dominated trading in New Zealand, lifting 1c to 510 on shares worth $34.46 million.

"There has been quite a bit of offshore buying on the stock," Mr Hunter said.

"It was looking very well bid around the 520 mark a day or two ago, and that buying has pulled back in line with the offshore markets."

Despite the continued volatility offshore, market confidence had improved and private investors were beginning to return, he said.

Auckland Airports rose 8c to 540, topping off a $1.14c gain for the week, following its capital repayment.

"We've seen a little bit of buying from existing shareholders who have been reinvesting their capital repayment."

Port of Tauranga, which splits its shares in two weeks, was up 10c to 810 after announcing it was on track to beat last year's record volume and profit.

Northland Port climbed 5c to 260 on the back of news that it will pay shareholders 9c per share in dividends on November 22.

ANZ was down 10c to 2100, despite announcing a record $2.68 billion profit yesterday.

WestpacTrust fell 25c to 1470 ahead of its October 31 profit announcement, AMP was down 51c to 1444 and Fisher and Paykel Appliances fell 10c to 1070.

Telstra, which has priced a $250 million retail bond offering in Japan, fell 3c to 539.

Restaurant Brands, due to replace United Networks on the NZSE-40 on November 1, was up 1c to 164.

There were 44 falls outnumbering 32 rises on 119 stocks traded.

- NZPA