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Home / Business / Companies

<i>NZ stocks:</i> Tranz Rail, Telecom losers as stocks take a dip

24 Oct, 2002 06:25 AM3 mins to read

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Fresh rumours of a discounted rights issue by Tranz Rail weighed heavily on the stock during a down day on the New Zealand sharemarket.

The NZSE-40 capital index fell 8.24 points, 0.41 per cent, to 2012.83 despite slight rises on Wall St.

However, turnover roared away as it has for most of
the week, with 27.2 million shares worth $91 million changing hands.

The market was led by Telecom which tumbled 12c to 509 on 10.6 million shares worth $54.9 million.

Brokers said there did not appear to be any particular news driving the fall but felt the price might be coming off a three-and-a-half month high yesterday.

Rail operator Tranz Rail fell 13c to 135, just 5c off its year's low, on renewed talk of a possible capital raising.

A report this week found the company's rail network was "fit for purpose", but that parts of it were being operated close to their practical limit.

Forsyth Barr broker Richard Burton said this week's healthy volumes were pleasing to see.

"It's good to see obviously a bit more money coming into this market and I guess it's probably coming in from overseas, not from the Government super fund."

Auckland Airport rose 7c to 532, giving the impression that retail investors were buying into the airport stock after Auckland City Council announced it would not be putting its 25.7 per cent share on the retail market.

Fisher and Paykel's twin companies continued their strong pre-result rally, with Appliances up 20c to 1080, and Healthcare ending down 2c to 1080.

Investors had been cautious of F&P Healthcare due to the weakening of the United States markets, where its growth potential lay, but now they were showing more confidence, McDouall Stuart Securities executive director Chris Stone said.

"We're going to see a gentle re-rating of that stock."

Other stocks on the upside included casino operator Sky City up 13c to 763, which is seen as a strong dividend generator and likely to benefit from the America's Cup.

Fishing company Sanford was up 8c to 513 following the announcement yesterday its full year profit rose 23 per cent to $37 million.

Natural Gas Holdings continued to climb, up 6c to 154, its highest price since September 2000, and Steel and Tube was up 8c to 314 following a strong first quarter result.

ANZ Bank was up 45c at $21.10 after announcing a record annual profit across the group of $A2.3 billion ($NZ2.7 billion).

On the downside, Contact fell 6c to 384; Fletcher Forest head and preference shares fell a cent to 21 and 20 respectively; and Software of Excellence fell 11c to 135 after failing to meet its results forecast.

There were 40 rises and 35 falls on 130 stocks traded.

In the United States, technology stocks propelled market indexes higher on Wednesday as investors scooped up shares that had been battered a day earlier by a bleak forecast from Texas

The blue-chip Dow Jones Industrial average rose 44.32 points, or 0.52 per cent, to 8494.48, while the tech-loaded Nasdaq Composite index climbed 27.44 points, or 2.12 per cent, to 1320.20, near its session highs.

- NZPA

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