<i>NZ stocks:</i> Telecom pushes benchmark sharemarket index up

9 Aug, 2004 08:51 PM2 mins to read

5.00pm

A strong showing by market leader Telecom buoyed the sharemarket today in an otherwise lacklustre session.

The top stock rose 6c to 615 today, ahead of its fully year results announcement on Thursday, helping to push the benchmark NZSX-50 index up 9.6 points to 2786.25. The NZSX-All capital index rose 3.77 points to 937.47.

ABN Amro Craig's Matt Willis said the market was waiting to hear Telecom's dividend policy when it announces its full year result on Thursday.

Fellow market heavyweight, Carter Holt Harvey, rose 1c to 219, after today announcing the sale of its 50 per cent stake in Chilean paper cup manufacturer International Paper Foodservice SA for around US$2 million ($3.16 million).

Mr Willis said the sell-off was just a continuation of Carter Holts' sale of its peripheral assets. He said the market was still waiting to see how much of its forestry assets the company was going to sell.

He said there was a growing feeling among analysts that Carter Holt could possibly sell all of its forestry assets, without jeopardising its supply commitments.

The wood processor also officially opened officially a $62 million upgrade of its Whakatane board mill today, with a plea to the Government to sort out the country's electricity supply.

Market turnover was relatively light at $79.5 million, of which Telecom accounted for $41.4 million. Of the 158 stocks traded today there were 50 falls and 56 rises.

Wellington investment company Widespread Portfolios gained 0.1c to 2.7c, after graduating today from a new capital market stock to listing on the main boar d.

AMP NZ Office Trust was unchanged today at 83c, after posting a flat June year net profit of $34.1 million .

Contact Energy fell 2c to 602.

Other stocks on the move today included: Auckland International Airport up 4c at 700, Fletcher Building up 1c at 488, Fisher & Paykel Healthcare down 4c at 1360, Ryman Healthcare up 12c at 290, Tenon up 3c at 202, NZX down 10c at 830 and TrustPower up 5c at 465.

- NZPA