NZ stocks: Shares ratchet up on slender trade

6.00pm

The New Zealand sharemarket finished today's session in positive territory despite experiencing what one local dealer called a "lacklustre" day.

The NZSX-50 gross index ended 18 points or 0.85 percent higher at 2208.93, while the NZSX-40 capital index rose by 16 points or 0.76 percent to 2133.60. Turnover was relatively light at $58.18 million.

"All in all a lacklustre day with a good result at the end," commented ASB Securities broker Andrew Kelleher.

"It's been a fairly quiet day actually, certainly turnover seems to indicate its been pretty slim outside of Telecom"

Telecom rose 6c to finish at 512 on turnover of $17.8 million.

"That's pretty good on what looked like a pretty lacklustre day," Mr Kelleher said.

Perhaps the day's main point of interest related to Sky TV and Independent Newspapers Ltd, in which Telecom has a 12 percent and 10 percent holding respectively.

A report in the Sunday Star Times yesterday suggested Sky TV was worth less than the current share price valuation.

In response to a query, the stock exchange said it was checking to see if the market sensitive information had been improperly released.

INL shares rose 12c to 432, while Sky TV fell to a low of 455 at one point today but recovered by the close to finish 12c down at 462 .

"There's still some speculation of course regarding that, but it certainly seems to indicate that some of the punters out there seem to agree with what the media were saying over the weekend.

"I think we just don't have the information in front of us to make a definitive call on that just yet."

Elsewhere on the market stocks to rise included: Air New Zealand up a cent to 50, AMP up 10c to 525, BayCorp Advantage up 5c to 201, CarterHolt Harvey up 5c to 170, Cavalier Corp up 6c to 495, Contact Energy up 2c to 487, Fisher & Paykel Appliances up 19c to 1450, Fisher & Paykel Healthcare up 10c to 1235, Michael Hill up 6c to 440, Ports of Auckland up 5c to 785, Sky City up 8c to 918, TrustPower up 5c to 490, TranzRail up 2c to 98, Waste Management up 10c to 382, and the Warehouse up 3c to 521.

Stocks to fall included : Briscoe Group down 4c to 177, Hallenstein Glassons down 4c to 290, Promina down 3c to 271, Restaurant Brands down 2c to 130, Steel & Tube down 2c to 377, and Tower down a cent to 118.

There were 66 rises and 39 falls among the 141 stocks traded today.

- NZPA