NZ stocks: Shares inch up despite Telecom drifting lower

The New Zealand sharemarket made small gains today as market leader Telecom drifted off after rival telco Telstra posted its first quarter result.

At the 5pm close the NZSX-50 gross index was up 1.9 points or 0.08 percent to 2312.86, while the NZSX-40 capital index rose 2.7 points or 0.12 percent to 2212.95. Turnover was a solid if unremarkable $88 million.

A local dealer said Telecom weakened shortly after Telstra announced its first quarter sales revenue was up 0.5 percent.

However he said Telstra's revenue number was probably a disappointment to investors.

Nevertheless Telstra shares on the New Zealand market closed up 3c to 566 and Telecom shares closed down 2c at 499.

Elsewhere the dealer said today's visitor arrival numbers had affected trade in a number of stocks.

The Statistics NZ figures showed renewed strength in tourism arrivals and firm ongoing net migration figures. The dealer said Auckland International Airport appeared to benefit from the news, rising 3c to 643. Strength in net migration has been cited as a principal contributor to the current boom in the housing and construction sectors. Fletcher Building also reacted favourably to today's figures, rising 5c to 441.

Meanwhile Fisher & Paykel Appliances which yesterday gained 28c on a news report of better than forecast sales for its whiteware in the US, dipped by 11c. The dealer said most of yesterday's buyers were likely to have been retail investors, and today's sell off in the stock was probably profit-taking.

Meanwhile stocks to rise today included: BayCorp Advantage up 10c to 276, Briscoe Group up 3c to 196, Cavalier Corp up 7c to 555, Freightways up a cent to 181, Guinness Peat Group up 2c to 176, Independent Newspapers up 6c to 466, Infratil up 3c to 233, Mainfreight up a cent to 143, Michael Hill up 2c to 430,

Owens Group up a cent to 109, Ports of Auckland up 5c to 855, Promina up 4c to 377, Sanford up 12c to 530, SkyCity Leisure up 2c to 119, Tower up a cent to 132, and the Warehouse up 10c to 581.

Among stocks to fall were: AMP down 10c to 770, Carter Holt Harvey down a cent to 184, Contact Energy down a cent to 508, Fisher & Paykel Healthcare down 10c to 1240, NZX down 9c to 462, Tranz Rail down a cent to 125, and Waste Management down 4c to 385.

There were 57 rises and 37 falls among 150 stocks traded today.

- NZPA