NZ stocks: Telecom tops turnover - but slips back

The sharemarket closed higher yesterday with most stocks trading on light volume as all eyes turned to the United States election.

Brokers were uncertain how markets would react to the election result, with Wall Street having a strong run-up to the election and no real indication as to who would be the new President.

Cavill White equities dealer Richard Burton said a Democrat win would favour the markets as nothing would change.

The NZSE-40 index closed up 9.20 points at 1988.17.Telecom topped the turnover with $19.87 million traded, but closed down 4c at 594.

Fisher & Paykel lost 10c to 710 after it reported its half-year profit was down 3.9 per cent to $23.1 million.

Mr Burton said the result reflected lower margins in the whiteware division.

"They covered their currency on sales but not on their imports because they thought the currency would firm at 50USc. Of course, it went down so they got hit both ways."

Northland Port Corporation's interim dividend of 0.04c per share will be paid in December. It closed up 4c at 170 in light volume.

Fletcher Energy was down 9c at 815, possibly on speculation that a third bid for the sale of Energy to Royal Dutch Shell would be rejected.

"There's a school of thought that the Commerce Commission will turn the third application down because it's not that much different than the first two," Mr Burton said.

Fletcher Building closed up 6c at 196 on good turnover of $3.96 million, while Fletcher Forest remained unchanged at 35. Carter Holt Harvey was up 1c at 169.

AMP gained 33c to 2390 and Baycorp added 35c to 1160. Submarines Australasia said it was successful in issuing 1.2 million shares at 50c each but its shares had failed to trade on the New Capital Market.

On the downside, Sky TV closed down 5c at 300, Air New Zealand A shares, 4c at 150, B shares, 5c at 208, and Wrightson, 2c at 56.

- NZPA