NZ stocks: Market ekes out further gains

The sharemarket failed today to maintain the strong momentum of the first two sessions of this week but eked out a further small gain in slow morning business.

It is the fifth successive positive session, during which the market has climbed 3 per cent.

The influence from Wall Street was mixed, apparently mirroring the political situation for the presidential election and the local market was similarly indecisive.

The benchmark NZSX-50 gross index was up 2.98 points at 2856.41 at 11.45am while the NZSX-All capital index was up 1.73 points at 943.38.

Market turnover was worth $43 million, with 36 rises outpacing the 27 falls among the 115 stocks traded.

There was $24m traded in market leader Telecom, which was steady on 582. It is expected to report a slightly improved first quarter result on Friday.

Powerco rose 6c to 211, still 4c shy of Prime Infrastructure's bid price. Around 1m shares changed hands. Prime succeeded with its bid, which closed yesterday. It secured more than 95 per cent control and can move to compulsorily acquire the rest. The share price is still trading at a discount because Prime is offering a combination of notes and cash to New Zealand-registered shareholders.

Wakefield Hospital powered 32c ahead to a new high of 350 following its strong half year result yesterday.

Infratil rose 4c to 324, also on a strong half year result yesterday. It more than doubled its profit to $29.6m.

Fletcher Building was up 6c to 568, AMP fell 8c to 690 and The Warehouse fell 7c to 408.

Trustpower was up 17c to 510. Yesterday, Genesis Energy said it would continue to hike power prices despite the fall in wholesale electricity prices.

Property company Urbus Properties was up 1c at 106 after posting an after-tax profit of $13.6m for the six months to September 30, up 12 per cent on the previous corresponding period.

There were very few other moves of note. Chemical company Nuplex was up 6c to 512, and ANZ was up 7c to 2227, despite the Reserve Bank issuing draft outsourcing rules yesterday that are likely to cost it in New Zealand in terms of rationalising its National and ANZ franchises.

- NZPA