KEY POINTS:
The New Zealand market drifted in positive territory today with little news to provide a firm direction.
Unprecedented intervention by the Reserve Bank in the currency market yesterday failed to stir the sharemarket, although the move appeared to have capped the kiwi at about US75c.
"The equity market has got just a bit of a watching brief on the currency post-that (move), without really reacting to it," Don Lewthwaite of First NZ Capital said.
The benchmark NZSX-50 index closed up 22.04 points, or 0.5 per cent, at 4227.56, on turnover valued at $97.7 million. Rises outnumbered falls 56 to 53.
The sharemarket was looking for direction after recent merger and acquisition activity had quietened, and news flow relating to the leading stocks had dried up.
Three consecutive interest rate rises from the Reserve Bank had also kept investors on the sidelines as they looked for the tightening effects on the economy.
"(The sharemarket)'s gone a bit flat in the last couple of weeks, and so it's really looking for the next driver," Mr Lewthwaite said.
Top stock Telecom rose 6c to 463, accounting for much of the index's rise, but outside of the leaders trading was mixed.
Fletcher Building was up 4c at 1280, Contact Energy rose 7c to 882, Fisher & Paykel Healthcare was up 6c at 353, and F&P Appliances rose 6c to 370.
Vector fell 3c to 277, Auckland Airport was flat at 271, and Sky City was up 2c at 499.
Among stocks which benefit from a high NZ dollar, Air NZ shed 8c to 300 and Sky TV was flat at 564.
The Warehouse rose 5c to 612, while fellow takeover target Tourism Holdings fell 2c to 274.
Dental software company Software of Excellence International was down 3c at 265 after it received a previously signalled takeover offer from United States-based Fortune 500 company Henry Schein.
Henry Schein has offered 270 for each SOE share, after payment of a dividend of 3c per share, in a bid worth $77.2 million.
Pumpkin Patch, having lost 16c to a year low of 364 yesterday in the wake of Friday's profit warning, recovered 11c to 375.
PGG Wrightson was up 2c at 176, Tower fell 6c to 248, Sanford was down 7c at 448, Hellaby Holdings shed 11c to 364, and Nuplex was down 10c at 695.
- NZPA