NZ sharemarket closes up but off best levels

File photo / NZH

The New Zealand sharemarket closed higher today but below the best levels of the day as international markets continued to gyrate.

Asian stock markets rose after the Group of Seven agreed to intervene to stop the yen rising in a panic reaction to the Japanese earthquake and Wall Street rebounded following three days of declines.

Brokers here said the local market was really doing its own thing, but investors had a wary eye on the situation in Japan.

The benchmark NZX-50 index closed up 9.922 points, or 0.298 per cent, at 3339.509. Turnover was worth $146 million. There were 53 rises and 25 falls among the 105 stocks traded.

"I think we didn't spin out as much earlier in the week," said Nigel Scott at Craigs Investment Partners. "Here the ability to participate in the dividends we get off our stocks is what people look at," he said.

Interest rates were low and corporate balance sheets were generally in good shape in New Zealand.

Brokers were, however, concerned at investors expressing interest in unsolicited low-ball offers for a number of New Zealand companies from businessman Bernard Whimp and they urged investors to get advice. The Securities Commission today moved to force Mr Whimp to correct the offers.

Fletcher Building gained 8c to 876 and Cavalier Carpets rose 20c to 360. Skellerup rose 8c to 133.

Telecom eased 1.5c to 198 and Contact Energy eased 9c to 575.

TrustPower rose 4c to 722 but Vector eased 5c to 235. Port of Tauranga rose 9c to 785.

Methven fell 8c to 154 after issuing a profit warning, while Kathmandu rose 19c to 222 after beating earnings forecasts this week.

Tourism stocks have been under pressure and Air NZ as down 1c to 112, while Tourism Holdings was unchanged at 60. SkyCity rise 7c to 334.

Abano Healthcare eased 7c to 432 and Ebos rose 4c to 732. Tower rose 2c to 175 and OceanaGold rose 19c to 334. PGG Wrightson was unchanged at 50. Guinness Peat Group rose 1c to 78.

In the United States, natural resource stocks helped lead the market as commodity prices rebounded. Tensions in the Middle East and North Africa drove oil prices up sharply.

But options activity showed traders were increasing hedges against another decline in stocks.

The Dow Jones industrial average was up 1.4 per cent at 11,774.51, the Standard & Poor's 500 Index was up 1.3 per cent at 1273.69, and the Nasdaq Composite Index was up 0.7 per cent at 2636.05.

- NZPA