The New Zealand share market was little changed ahead of the long Easter holiday weekend but Skellerup suffered a 21.54 per cent fall after issuing a profit warning.
The benchmark NZSX-50 index closed up 2.241 points, or 0.087 per cent, at 2571.146. Turnover was worth $82.7 million, of which $24.95m was in Telecom shares. There were 33 rises and 43 falls among the 106 stocks traded.
Stuart Hardie, investment adviser at ABN Amro Craigs, said the volume was surprisingly good but was boosted by volume in Telecom. Telecom was down 1c to 236.
A few buyers are coming back into the market but the market had a quiet day, he said.
Skellerup fell 14c to 51 after it downgraded its full year projection for net profit to between $8 million and $9 million from the $11 million the company was expecting in February. The company expressed disappointment and so too did the market.
SkyTV rose 5c to 390 in the wake of news it is the host broadcaster for the Rugby World Cup 2011 in New Zealand.
Restaurant Brands rose 5c to 91 after its annual profit this week revealed a strong result for KFC.
Fletcher Building rose 15c to 620 in a week of reports suggesting cause for cautious optimism about the property market.
Air NZ rose 2c to 96 after announcing it was putting more premium economy seats in planes.
Mainfreight rose 4c to 400 and The Warehouse rose 3c to 333. Contact rose 5c to 575.
Nuplex gave up 1c to 29 after yesterday defending a call option for sub-underwriters of its rights issue.
Diligent Board Member Services was up 3c early to 15c after reporting annualised licence fees rose to US$4.37 ($7.67) million in the first quarter, an 83 per cent increase in annual recurring revenue from a year earlier.
US stocks snapped a two-day slide on Wednesday on news about life insurers and optimism about consumer spending.
Life insurers, whose capital base has been eroded by falling markets, have met requirements for government funds, the US Treasury said. The news lifted shares of insurance companies, including Prudential Financial, which was up nearly 8 per cent.
The Dow Jones industrial average added 47.55 points, or 0.61 per cent, to 7837.11. The Standard & Poor's 500 Index gained 9.61 points, or 1.18 per cent, to 825.16. The Nasdaq Composite Index shot up 29.05 points, or 1.86 per cent, to 1590.66.
- NZPA
<i>NZ stocks:</i> Market little changed ahead of Easter
AdvertisementAdvertise with NZME.