KEY POINTS:
New Zealand shares were virtually flat today, unscathed by falls of over 1 per cent in regional markets following weakness in US stocks.
The NZSX-50 index, which fell 0.7 per cent yesterday, closed up 1.1 points at 4114.2, on turnover valued at $138.5 million.
Auckland Airport fell 3c to 301, after Canada Pension Plan Investment Board (CPP) submitted its formal cash bid for 39.53 per cent at $3.6555 per share. The airport company has also asked its advisers to seek other offers.
"Auckland Airport is really in play, and directors will be looking now to achieve the best deal possible for their shareholders," said Hamilton Hindin Greene partner Grant Williamson.
The shares had earlier risen to 308 before profit takers moved in. Turnover was a heavy $46.8m.
Fisher & Paykel Appliances rose 4c to 364, having gained about 30c since its first half result last week. The company is also considering selling its finance company to focus on its whiteware manufacture and retailing business.
"That could add a lot of value to shareholders if there was a sale of their finance arm, and it would allow Appliances to free up more cash to concentrate purely on their core business," Mr Williamson said.
Market leader Telecom regained 4c to 425 after losing 9c yesterday, second-ranked Fletcher Building was up 8c at 1166, and Contact Energy lost 5c to 885.
F&P Healthcare was up 3c at 328, Sky City gained 5c to 537, Sky TV lost 8c to 562, and Vector recovered some of yesterday's 6c loss to close up 3c at 233.
Air NZ, which has had a rough ride recently due to rising fuel prices, rose 1c to 202.
Among other stocks to gain, NZX was up 5c at 961, Freightways rose 2c to 380, Infratil was up 2c at 293, Nuplex gained 5c to 725, and carpetmaker Cavalier was up 3c at 315.
Hellaby Holdings lost 2c to 271, despite news it was trading ahead of last year, when it posted its first loss since relisting in 1994.
Abano shares lost 5c to 485 after it said one of its potential bidders had pulled out of due diligence. Rakon fell 5c to 515, Tower was down 4c at 204, Hallenstein Glasson lost 3c to 445, Mainfreight was 5c lower at 710, and The Warehouse was down 2c at 522.
ANZ was down 83c to 3250, Westpac down 40c at 3290, AMP down 14c at 1190, and Lion Nathan off 28c at 1050.
- NZPA