NZ stocks: Market takes heart from Wall St

The sharemarket took heart from Wall Street's rally today to break a five-day losing streak.

The benchmark NZSX-50 gross index, which yesterday fell to a low for the year, was up 22.49 points to 3062.12 at 11.45am, while the NZSX-All capital index was up 5.61 points to 990.57.

United States stocks staged their biggest rally in nearly four months as a dip in crude oil prices tempered worry about rising energy costs, while tech shares got a lift from an upbeat earnings report from chip maker Micron Technology Inc.

The Dow Jones industrial average closed up 135.23 points, or 1.30 per cent, to 10,540.93, while the Standard & Poor's 500 Index closed up 16.05 points, or 1.38 per cent, at 1,181.41. The Nasdaq Composite Index finished 31.79 points ahead, or 1.61 per cent, at 2,005.67.

Market heavyweight Telecom recovered half of yesterday's 6c loss to be on 614. Its turnover came to $27 million of the market's total of $48.4m.

Fletcher Building, hard hit during the market's recent slump, initially recovered 4c but lost that late morning to be steady on 673.

Contact Energy gained 1c to 658.

Others that have been hit badly this month and recovered today included: Pumpkin Patch, up 5c to 327, Waste Management, 10c to 625, Scott Technology, 6c 246 and NGC, 3c to 307.

Fisher & Paykel Healthcare was up 4c to 310.

Kiwi Income was up 1c to 114 on heavy turnover worth $2.85m after announcing yesterday it was lowering its fee structure.

Promina was up 19c to 544, also on good turnover.

Provenco rose 2c to 86 after it announced a profit upgrade yesterday. The eftpos equipment maker said its profit would be 20 per cent higher than previously forecast, thanks to revenue from its latest acquisition. If achieved, the $7.2m profit will be a 40 per cent improvement on the $4.2m profit in 2004.

Genesis Research recovered yesterday's 1c loss to be on 29c. Yesterday it announcing it had sold its Cartesian software.

Vertex gained 1c to 206. There was still no word whether Australian plastics firm Vissy was going to announce a rival bid to top Masthead's 190/share takeover offer.

Vending Technology, which may gain from the Reserve Bank's decision to change New Zealand's coins, rose 4c to 95.

Westpac NZ rose 29c to 1970, recouping yesterday's loss.

Going against the trend, Ryman Healthcare was down 5c to 365, NZOG, 4c to 95, and eBOS, 6C TO 399.

In all, rises outnumbered falls 60-26 among the 130 stocks traded.

- NZPA