KEY POINTS:
Better than expected results by Contact Energy and Air New Zealand lifted their stocks this morning and helped put the top 50 shares index into the positive.
The benchmark NZSX-50 continued its strong rebound rally of last week. It built on yesterday's 31.98 points gain with a 10.1 point rise to 4094.5 today by 10.10am.
Contact Energy was up 6c to 950 despite reporting a 15 per cent fall in annual net profit to $239.6 million.
Air NZ reported its June year net profit lifted 123 per cent to $214 million. It said it expected its 2008 would be better, assuming no negative shocks. It shares, which have risen from 110 a year ago, were up 2c to 212.
The airline, 80 per cent controlled by the Government, also announced 10 cents per share special dividend on top of the final dividend of 5cps and interim dividend of 3cps.
Investment company Hellaby continued to dive after an ugly result yesterday. It fell another 12c to 253 after it tumbled 40c or 13 per cent yesterday when it reported a $9.8m loss and scrapped its dividend.
Among the market leaders, Telecom was up 3c to 417, and Fletcher Building was up 5c to 1160.
Tourism Holdings was unchanged on 218 after the tourism operator reported today a 22 per cent increase in full year net profit on strong trading.
The company, the subject of an unsuccessful takeover bid last month, declared an unchanged imputed dividend of 6 cents per share.
Port of Tauranga was down 8c to 700, NZOG up 7c to 10, NZX Regulation up 8c to 1020 and Vector up 3c to 249.
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On Wall Street, US stocks fell after data showed the number of unsold homes reached its highest level in more than 15 years in July, adding to concerns about the housing market and consumer spending.
The Dow Jones industrial average closed down 56.74 points per cent, at 13,322.13. The Standard & Poor's 500 Index fell 12.58 points to 1466.79 and the Nasdaq Composite Index fell 15.44 points, or 0.60 per cent, at 2561.25.
- NZPA