KEY POINTS:
The New Zealand share market finished a week in which some strong profits were revealed with a down day.
The benchmark NZSX-50 index closed down 20.45 points at 3331.61, after barely moving yesterday.
A 18c fall in Contact Energy to 842 was a drag on the market index as was a 5c fall in top stock Telecom to 323.
The star performer was Fisher & Paykel Healthcare, which rose 13c, or 4.45 per cent, to 305 after telling shareholders at the annual meeting that first-half profit was likely to be up 38 per cent on last year and the second half was looking good too.
"The stock was down before the agm at $2.80 and had quite a major turn around on the news," said Grant Williamson, partner at Hamilton Hindin Greene.
The healthcare sector was seen as less cyclical than appliances.
Fletcher Building continued a recovery after its profit announcement on August 13, rising 4c to 720 today.
Ebos rose 15c to 500 after reporting a 61 per cent rise in profit after bedding down four acquisitions.
Mainfreight fell 2c to 710 as higher oil prices and profit-taking countered buying after the company reported strength in its New Zealand domestic business in its first-quarter profit result this week.
"With the selldown in the market we've experience so far this year we are going to get surprises where companies do better than expected," said Mr Williamson said.
NZ Farming Systems Uruguay eased 2c to 158, Sanford fell 15c to 585, Infratil fell 8c to 214 and Tourism Holdings fell 4c to 140.
Port of Tauranga rose 5c to 710.
There were 28 rises and 56 falls and turnover was worth $87.12m.
In the US, energy shares were boosted by surging oil prices, though fresh fears of more credit losses on Wall Street kept gains in the wider market modest.
The Dow Jones industrial average was up 0.11 per cent at 11,430.05. The Standard & Poor's 500 Index was up 0.25 per cent at 1277.71. The Nasdaq Composite Index was down 0.36 per cent at 2380.38.
- NZPA