NZ stocks: Telecom blots otherwise positive market

Trading on the New Zealand sharemarket today was a mixed bag, with largely positive moves across the board countered by a sell off in lead stock Telecom.

By the 5pm close the NZSX-50 gross index was 3.47 points or 0.16 per cent lower at 2174.62, but the NZSX-40 capital index finished nearly 3 points or 0.14 per cent higher at 2105.31. Turnover was $96.16 million.

Broker Ken Allen of Direct Broking said the market was positive today with " far more ups than downs and bit of buying coming through in the afternoon in most stocks".

"It was reasonably cheery stuff if you take the effect of Telecom off the market."

Telecom, which carries a 28 per cent weighting on the market, finished down 6c at 494.

The telco also fell yesterday on speculation it may be forced to bring forward its plans for a third generation (3G) mobile phone and data network to match competitor Vodafone.

M r Allen said that was certainly part of the reason for Telecom's losses today, "plus you've got just general profit-taking from overseas".

Another leading stock, Fisher & Paykel Appliances, also fell, losing 17c to finish at 1430.

Otherwise, "We had some pretty good performances across the board," Mr Allen said.

"Wrightsons stands out after its profit announcement yesterday," he said. "They came out with a positive forward looking statement which the market was very assured by." Wrightsons finished 7c higher at 142.

Sky TV bounced back from its selloff yesterday, rising 10c to 460.

Other features of trading today were "a bit of strength in BayCorp and some of the other smaller caps," Mr Allen said.

BayCorp Advantage finished 5c higher at 196.

Carpet manufacturer Cavalier Corp, which today announced an $18.2 million net profit after tax, gained 10c to 510.

Other stocks to rise today included: Air NZ up 2c to 50, AMP up 14c to 524, Fisher & Paykel Healthcare up 5c to 1210, Hellaby Holdings up 5c to 465, Hallenstein Glassons up 2c to 297, Independent Newspapers Ltd up 5c to 425, Michael Hill up 3c to 408, Nuplex up 3c to 394, Promina up 2c to 286, Ports of Auckland up 10c to 810, Sanford up 5c to 490, Sky City up 2c to 907, Steel & Tube up 3c to 380, TrustPower up 10c to 490, and Tower Group up 5c to 115.

Stocks to fall today included: Briscoe Group down 2c to 177, National Property Trust down 2c to 96, NGC Holdings down 2c to 166, Skellmax down 2c to 115, Tourism Holdings down 2c to 142, Tranz Rail down 2c to 98, the Warehouse down 4c to 491, and Waste Management down 3c to 379.

Rises outnumbered falls 56 to 44 among 141 stocks traded.

- NZPA