NZ stocks: Shares flat on NZ market

The benchmark indices on the New Zealand sharemarket finished flat today as a small dip in lead stock Telecom was offset by modest gains elsewhere.

By the 5pm closing bell the NZSX-50 gross index was down 0.47 points or 0.02 per cent while the NZSX-40 capital index was down 0.32 points or 0.01 per cent at 2210.27.

Turnover was $62.7 million -- "Okay but not strong", Forsyth Barr Frater Williams broker Brian Stewart told NZPA.

"The market did reasonably well in light of Telecom drifting off towards the end," Mr Stewart said. Telecom ended today's session down 2c at 501.

"During the day they traded as high as 507 and just got sold off into the close."

Fisher & Paykel Appliances was the day's principal positive, Mr Stewart said. The stock rose 28c to 1518 on news that US sales of the company's whiteware were looking better than previously forecast.

"Plus it probably follows on from the purchase of the Farmers finance division last week," Mr Stewart said.

Meanwhile, Fisher & Paykel Healthcare was down 15c to 1250.

Stocks to rise today included: BayCorp Advantage up 3c to 266, Briscoe Group up 3c to 193, Cavalier Corp up 3c to 548, Contact Energy up 3c to 509, Fletcher Building up a cent to 436, Independent Newspapers Ltd up 5c to 460 , Infratil up 3c to 230, Sky TV up 5c to 495, TelstraClear up 7c to 563, Tranz Rail up a cent to 126, Trustpower up 6c to 540, the Warehouse up 6c to 571, and Waste Management up a cent to 389.

Stocks to fall today included: Air NZ down 2c to 52, AMP down 13c to 780, Carter Holt Harvey down a cent to 185, Hellaby Holdings down 5c to 490, Lyttelton Port down 17c to 169, Michael Hill down 2c to 428, NZX down 8c to 471, Pacific Retail down 4c to 267, Promina down 2c to 373, and Richina down a cent to 35.

There were 55 rises and 38 falls on 136 stocks traded.

- NZPA