KEY POINTS:
The New Zealand sharemarket traded positively today with a market bias towards top-performing big stocks.
The benchmark NZSX-50 index rose 6.51 points to 4240.36. Turnover totalled $177 million, with falls outnumbering rises 59 to 55 on 147 stocks traded.
Market leader Telecom was flat at 462 on volume worth $93 million, following a re-rating by US broker Citigroup to buy from hold.
Nigel Scott, ABN Amro Craigs retail equities adviser, said investors were concentrating on strong core "stories" which could weather the strong currency.
"It seems to be a function of the market reverting back to the large cap, strong domestic focuses which may not have as much impact from currency."
Fletcher Building jumped 23c to 1250, Contact Energy gained 9c to 911, Auckland Airport firmed 2c to 330, and the Warehouse rose 6c to 610.
Mr Scott said that the currency was in unchartered territory and "things have moved so fast" that there would a short-term impact until companies had strategies to match.
Export-related stock Fisher & Paykel Healthcare was down 2c today to 328, F&P Appliances was also down 2c to 345, and Pumpkin Patch lost 1c to 319, 3c above a near two-year low yesterday.
Tourism Holdings lost 2c to 252 after yesterday forecasting an annual net profit at the upper end of previous guidance but a soft outlook .
Other downward moves included Port of Tauranga, down 14c to 7000; Ryman down 5c to 225; PGG Wrightson down 3c to 172; Infratil down 9c to 307.
Finance company Dorchester Pacific rebounded 6c to 161 following the receivership of Bridgecorp. Dorchester today confirmed it had no longer any shareholding or commercial relationship with Bridgecorp.
Also on the up and up were Hellaby Holdings up 14c or 4 per cent to 350; Cavalier up 10c to 325; Turners up 10c or 8 per cent to 125; and Abano up 5c to 370.
Canwest Media was up 2c to 235, after private equity firm Ironbridge confirmed its $2.33 per share offer would close on Monday. So far it has gained 78.5 per cent of the company.
Australian shares were also little changed, with the S&P/ASX 200 index down 0.1 per cent, or 5.9 points, to 6,293.4 by mid-afternoon, compared to a 0.6 per cent rise in the previous session.
On Wall St, stocks gained in a holiday-shortened session, lifted by fresh takeover talk and after a report suggesting Apple Inc will generate fat profit margins on its iPhone.
The Dow Jones industrial average was up 41.87 points, or 0.31 per cent, to close at 13,577.30. The Nasdaq Composite Index was up 12.65 points, or 0.48 per cent, to end at 2,644.95.
- NZPA