NZ stocks: Shares close lower as F&P Appliances falters

6.00pm

The sharemarket finished lower today as losses by a number of top stocks including Fisher & Paykel Appliances overpowered investor excitement over an oil find off Taranaki by New Zealand Oil and Gas Ltd.

By 5pm the benchmark NZSX-50 gross index was 10.23 points lower at 2747.49, while the NZSX all capital index was 2.92 points lower at 926.93.

Total turnover was relatively light at $69.46 million and there were 40 rises and 65 falls among 162 stocks traded.

Hamilton, Hindin, Greene dealer Grant Williamson said most attention today had been on New Zealand Oil and Gas (NZOG) following the announcement this morning that it had struck oil in its Pateke-2 exploration well northwest of the Maui gas field.

"That's certainly got investors excited about that stock," Mr Williamson said.

NZOG finished today's session 7c or 10 per cent higher at 76c.

Among the market's top stocks, trading was mixed with prices generally weaker.

Market leader Telecom ended 2c lower at 595 but the biggest drop at the top end of the board was Fisher & Paykel Appliances' 27c or 5.8 per cent tumble to 441.

The company today held its annual meeting, at which it gave " something of a profit downgrade for this current financial year blaming margins and the cost of imported materials".

Fisher & Paykel Healthcare came off a tad also, losing 13c to 1327.

Steel & Tube Holdings rose 7c to 456 after posting a "very good result".

The company today reported a record net profit of $28.5 million for the June year, up 25 per cent from the $21.5m posted the year earlier. It will pay a final dividend of 15 cents per share, bringing the total dividends paid by the company for the year to 37 cents per share.

Mr Williamson said the company's good dividend payment and reasonably positive outlook had seen it move higher, following in the footsteps of Fletcher Building, which operates in a similar sector.

Fletcher Building, which last week also posted a record profit, continued to rise today, adding 5c to 535.

Elsewhere, Mr Williamson said the market "just seems to be waiting for more profit results which will start to flow through this week".

Other stocks to move today included : Cabletalk down 2c to 40, Cavalier Corp up 2c to 493, Colonial Motors up 17c to 315, Contact Energy up a cent to 585, Freightways down 6c to 245, Guinness Peat Group down 3c to 194, Michael Hill up 6c to 631, Mooring Systems up 15c to 360, NZ Refining Co Ltd up 40c to 2200, Pacific Brands down 9c to 297, Ports of Auckland down 10c to 710, Sky City down 4c to 465, Telstra down 5c to 525, and The Warehouse down 4c to 448.

- NZPA