NZ stocks: Markets solid as Telecom hits 2003 high point

6.00pm

The New Zealand sharemarket made respectable gains today as Telecom reached a calendar year-high on what was an otherwise featureless day's trading.

The NZ50 Gross Index finished up 7.5 points higher on 2017.27, a 0.374 per cent increase, while the NZSE40 capital index gained 5.37 points or 2.71 per cent to close at 1990.55.

Turnover was a fairly healthy $93.9 million with one First NZ Capital broker saying on-market trading was fairly quiet but there was "a bit of volume off the market".

Telecom finished up 5c at 495, its highest close since early November last year. In all 9 million Telecom shares with a value of $45 million changed hands.

Second most traded stock was new listing Promina with 4.4 million shares worth $9.8 million traded. Promina shares were back 5c or 2.24 per cent today after their successful Monday debut on the trans Tasman markets finishing here at 218.

Meanwhile, Tranz Rail burst through the 50c barrier today closing up 4c at 52 with 2.2 million of its shares changing hands.

The broker said interest in the stock was likely the result of "a few positive rather than negative rumours swirling around regarding pending asset sales or extensions on bank loans".

AMP continued to slump, drifting off 15c today to finish at 580. Today credit rating agency Standard & Poor's announced it had lowered its rating on the financial services group to BBB-plus from A-minus and removed the rating from credit watch.

The company was now "in a space where any news tends to be negative and knock the share price," the broker said.

Elsewhere, Air NZ was steady today jettisoning a cent to finish at 46, Carter Holt Harvey gained a cent as hopes surfaced for an end to the long running industrial dispute at its key Kinleith pulp and paper mill.

Fisher & Paykel Appliances stock gained 2c to 1062, Lion Nathan was up 6c to 626, Michael Hill was down 12c to 445. The company issued corrected Australian sales figures today saying it had made mistakes when the figures were released in May.

Ports of Auckland was up 4c to 715, Telstra was down 4c to 483, and Waste Management up 3c to 325.

In all there were 37 rises and 39 falls on 128 stocks traded.

- NZPA