KEY POINTS:
The New Zealand share market had a fairly lacklustre day but managed a spurt higher ahead of the close.
The benchmark NZSX-50 index closed up 24.884 points, or 0.996 per cent, at 2522.317, after initially opening weaker on the back of another poor Wall Street performance and being flat in afternoon trading.
Turnover was worth $101.8 million. There were 47 rises and 48 falls among the 128 stocks traded.
It was a day of note in many respects as the reporting season continued.
Guinness Peat Group chairman Sir Ron Brierley spoke of "poor investment judgment in earlier years" as he presented a A3;50 million ($142.6 million) loss to the market. GPG shares fell 9c, or 13 per cent, to 60c.
The biggest percentage gainer in the top 50 was NZ Farming Systems Uruguay, up 14c, or 38 per cent, to 51. While related company PGG Wrightson rose 12c to 91.
"Investors are taking heart that the bankers are supporting PGG Wrightson and there will not be any flood of shares onto the market from either Mr Norgate's investment company or PGG," said Grant Williamson, director at Hamilton, Hindin Greene.
Pike River Coal was put on a trading hold and investors found more information about why on the ASX website, which said the company had assessed the cashflow implications of a rock fall in the ventilation shaft of its mine on February 18 and would update on the company's funding position. Pike also reported a loss today.
Charlies rose 0.8c to 11c after reporting an interim loss.
Other profits today were mostly for very small listings, though some of them are performing better than the large companies.
New Image rose 4c to 25 on a strong profit result.
Among leading shares Contact Energy rose 25c to 595 after initially being down 5c. Fletcher Building was down 1c at 524 and Telecom gained 1c early to 242.
Restaurant Brands, operator of KFC, Pizza Hut and Starbucks Coffee franchises, added 7c to 69 after a positive trading update yesterday.
Nuplex gained 2c to 122, after a 15c fall yesterday when it said its interim dividend had been suspended and it was continuing to talk to its bankers.
Fisher & Paykel Healthcare was unchanged at 334, Infratil was also unchanged at 163 as was Mainfreight at 348.
Westpac rose 70c to 2170, ANZ rose 65 to 1710 and AMP eased 2c to 623.
The Warehouse rose 10c to 335 despite being fined for fair trading breaches.
US stocks fell in volatile trading on Thursday. S our economic data added to the gloom, spurring investors to sell shares in big consumer companies such as McDonald's Corp and Coca-Cola Co, which slid 3 per cent.
The Dow Jones industrial average dropped 88.81 points, or 1.22 per cent, to 7182.08. The Standard & Poor's 500 Index shed 12.07 points, or 1.58 per cent, to 752.83. The Nasdaq Composite Index fell 33.96 points, or 2.38 per cent, to 1,391.47.
- NZPA
