NZ stocks: Sharemarket finishes the week on a positive note

A bevy of corporate news helped push the New Zealand sharemarket higher in a session of mixed trading today, a broker said.

At 5pm, the benchmark NZSX-50 index was up 12.81 points at 2441.88, while the NZSX-40 capital index was up 13.57 at 2256.13.

Market leader Telecom led the way, its shares up 6c at 559, having accounted for 44.5 per cent of the $106.6 million turnover on New Zealand Exchange today.

There were 47 rises and 37 falls among the 133 stocks traded today.

Carpet market Cavalier finished down 15c at 515 after it posted an improved net profit after tax (npat) of $10.33 million for the December half.

ABN Amro Craigs broker James Lock said while the market had seen mixed trading today, Cavalier's result was in line with expectations.

"It's an interesting feature that the share price is down 15c," Mr Lock told NZPA today.

"If someone was expecting a better result, then that could be a result for the share price," he said.

Waste Management NZ posted a December year npat of $18.5 million, up 23 per cent on the year before, and has forecast a rosy 2004 year. It shares were down 1c at 426.

"That result is a pretty solid endorsement that they're heading in the right direction," Mr Lock said.

Also today, Northland Port was unchanged at 305 after it confirmed a 37 per cent rise in its half year net profit to $2.7 million. The profit was boosted by a one-off sale of property assets.

New Zealand Refining today reported an increase in its margin for refining petroleum. Its average gross refining margin for 2003 rose 62 per cent to US$3.24 ($4.68) per barrel from $2.00 in 2002.

NZ Refining shares closed up 20c at 1625.

Agricultural equipment manufacturer Skellmax was down 5c at 125 after it posted a December half net profit of $6.19 million compared with $6.31 million a year earlier.

The Warehouse fell 1c to 465 as selling continued in the wake of its sales report this week when it said margins had been squeezed and Australian operations would remain problematic for some time.

Today's session also saw rises in share prices of Contact Energy, up 6c at 517, and Carter Holt Harvey, up 2c at 195.

Other stocks on the move included: AMP up 17c at 517, Ebos up 5c at 350, Hirequip up 2c at 100, Pacific Retail down 9c at 201, Ports of Auckland down 10c at 760, Sky City up 3c at 449, and TrustPower 15c at 700.

Overseas, The Dow was down 43.63 points at 10,694.07, the Standard & Poor's 500 Index was down 5.65 points at 1152.11, and the Nasdaq Composite Index was down 16.06 points at 2073.60.

- NZPA