NZ stocks: Shares end week on quiet note

6.00pm

Trading on the New Zealand sharemarket was again quiet today, in line with its general tone this week.

By the 5pm close the NZSX-50 gross index was down 3 points or 0.14 per cent to 2210.24, while the NZSX-40 capital index subsided by 2.5 points or 0.12 per cent to 2127.51. Turnover was a paltry $51 million.

There's not a lot to say", JB Were institutional adviser Humphrey Sherratt told NZPA.

"Clearly, weakness on the day was attributable to Telecom."

Telecom fell by 7c to 495. "In terms of the 50 it's about 8 points of negative attrition to the index", Mr Sherratt said.

Fletcher Challenge Forests this afternoon announced a June year net loss of $271 million and said it would defer a $140 million payout to shareholders. The company which is trying to sell its entire 106,000 hectare forest estate, said most of the loss was largely attributed to a crop revaluation of $292 million, including tax. The estate had been on Fletcher Forests' books at $1 billion, and the land was valued at $200 million.

Fletcher Forests shares ended today's session a cent higher at 115.

Troubled rail operator Tranz Rail was unchanged at 107 following news that it was to buy out the lease on its inter-island ferry Aratere.

WestpacTrust Investments rose 19c to 1740 after its Australian parent announced it was no longer in the market to purchase National Bank.

Meanwhile, ANZ, now the sole Australian bank with an application to the Commerce Commission to buy the National Bank pending, was up 35c to 2035.

Elsewhere, Mr Sherratt said news was skinny today, with little corporate activity to influence the market.

He said the market had been quiet for much of the week as it digested information from the reporting season. However, he said the local market's recent sluggish spell needed to be seen in context.

"The New Zealand market has been a pretty solid performer ... a bit of consolidation is pretty normal in this process."

Stocks to rise today included: AMP up 20c to 758, BayCorp Advantage up 2c to 244, Briscoe up a cent to 174, Cavalier up 15c to 500, Contact Energy up 6c to 478, Fisher & Paykel Healthcare up 10c to 1250, Genesis Energy up 7c to 108, Hirequip up a cent to 81, Mainfreight up 2c to 128, Michael Hill up 5c to 440, NZ Refining Co up 15c to 1625, Pacific Retail up 2c to 207, Ports of Auckland up 2c to 800, Postie Plus up 2c to 118, Promina up 5c to 342, Rubicon up a cent to 70, Ryman Healthcare up 3c to 191, Sanford up 8c to 510, Steel & Tube up 5c to 365, Tourism Holdings Ltd up 3c to 139, the Warehouse up 10c to 525, and Waste Management up 3c to 373 .

Stocks to fall included: Carter Holt Harvey down a cent to 167, Fletcher Building down 3c to 412, Guinness Peat Group down 2c to 166, Hellaby Holdings down 3c to 495, Restaurant Brands down 2c to 131, and Sky City down 5c to 870.

Gainers outnumbered losers 51 to 34 on 137 stocks traded today.

- NZPA