The New Zealand sharemarket emerged from the shroud of Wednesday's disappointing interest rate announcement to close up just under 3 points yesterday.
"I think there is some stability after the disappointment of the more hawkish tone from [Reserve Bank Governor Don] Brash on Wednesday. The market certainly just consolidated today," Matthew
Rose of Merrill Lynch said.
The NZSE-40 closed up 2.86 points at 1949.32 on turnover of 49.73 million shares valued at $151.33 million.
"It wasn't a great market, but there was general activity fuelled by ongoing strength in the bond market and the kiwi dollar rally continuing."
The kiwi has risen more than 10 per cent since November 22.
Telecom was up 2c at $5.58 on reasonable volume of 7 million shares worth $38.94 million.
Fletcher Energy also traded in significant numbers - 8 million shares worth $68.59 million - after its US asset Capstone Turbines rose another $US2 to more than $US26 on the Nasdaq overnight.
Energy shares ended steady at $8.45.
Fletcher Forests head shares were steady on 25c, the same price shareholders are being offered to buy new shares. The rights offer is closed and investors are now waiting for news on how many holders picked up the rights and how much the underwriters have to pick up.
Fletcher Building, which is also an underwriter to the Forests issue, closed steady at $1.92.
Air New Zealand A and B shares continued to rise, up 6c each at $1.54 and $2.06 respectively.
Whiteware production line manufacturer Scott Technology rose 4c to $2.20 on news it was on the acquisition trail. Sanford rose 3c to $4.73 after the company told shareholders on Wednesday that it was expecting a 10 per cent lift in its profit.
Shares in corporate dairy farmer Tasman Agriculture closed up 5c at $1.35 after the company said on Wednesday that it had secured unconditional sale contracts for 28 of its farms worth $106.1 million.
Shares to lose ground included Tranz Rail, which closed down 15c at $3.25, Lion Nathan, which shed 4c to $5.31, and Montana, down 4c at $3.76.
Westpac NZ shares fell 40c to $10.55 ahead of the $4.75 payment due on December 20.
Advantage fell 9c to $1.25, Fisher & Paykel gave up 9c to $7.26 and National Mail shed 11c to 43c.
- NZPA
