KEY POINTS:
The sharemarket firmed today in directionless trading with no lead from the United States where markets were closed for the Thanksgiving holiday.
The benchmark NZSX-50 index, which yesterday ended below where it started the year, close up 16.8 points on 4071.0.
Turnover was light at $71 million.
"The over-riding theme was one of extreme caution," said ABN Amro broker Matt Willis. While value was starting to emerge, there was no rush to buy. Investors remained risk averse due to the US subprime mortgage crisis, which he said was a bi-product of weakening economy.
On the local scene, results of export stocks this week revealed the lagged impact of the high dollar was starting to hurt as currency hedges ran out. Companies were concerned about higher costs.
"Operating conditions are less than positive and that has followed through into sentiment."
However, retirement village operator Ryman Healthcare picked up 2c to 207 after reporting a 22 per cent lift in half year net profit after tax to $34.7 million.
The main factor in the market's rise today was a 7c rise in top stock Telecom, to 427. Rival Telstra rose 6c to 536.
No.2 stock Fletcher Building pared its morning loss to 5c, ending on 1175, after it was confirmed as the prime contractor to revamp Eden Park.
No.3 Contact Energy finished 4c up on 889.
NZ Oil & Gas eased back 2c to 110, having traded up to 113 in the morning, after gaining 11c yesterday on news estimated oil reserves for the Tui field had increased 30 per cent to 41.7 million barrels. That was worth an extra $200 million to NZOG, over time.
Sky City ended unchanged on 518 with possible bidders expected to show their hands early next week. However, share action suggests the market does not hold high hope for high offers.
Australian stocks mostly had a good session despite uncertainty surrouding tomorrow's election result.
Lion Nathan, which on Wednesday reported a strong result with good prospects for 2008, closed up 60 at 1100.
Goodman Fielder recovered some of its recent losses with a 9c gain to 230.
Australian financial stocks were all over the place. Westpac fell 110 to 3020, while ANZ was up 29 to 3208 and AMP was up 18 to 1160.
Australasian media company APN was up 25c to 600.
Richina Pacific dropped 4c to 44 despite reporting on Wednesday it was on track to post a strong second half result.
The biggest fall of the day was CableTalk, which dropped 4c to 25c on light turnover.
Another small stock, Dominion Finance fell 4c to 135.
- NZPA