NZ stocks: Bumper day's trade sees NZX'S top 50 index hit new high

A bumper session on the New Zealand Exchange today saw its index of top 50 stocks edge past its previous all-time high, thanks in part to gains in port stocks.

Rises in Contact Energy, up 12c at 655, and Carter Holt Harvey, up 2c at 220, bolstered the gains.

Telecom -- down 4c at 612, on turnover of $77.2 million -- was a dampener in the mostly upbeat session.

The benchmark NZSX-50 was up 17.24 points at 3092.83, while the NZSX-All capital index was up 4.26 points at 1015.92.

Total market turnover was $157.0m from 166 trades, including 73 rises and 44 falls.

ABN Amro Craigs broker Matt Willis said the market had gained today as investors anticipated the soon to arrive reporting season.

"The general expectation is that the majority of companies will meet their targets," Mr Willis told NZPA today.

"I think it would be surprising to hear too many (listed firms) say the outlook for 2005 is one of substantial earnings growth."

Ports of Auckland's container volumes for the December year fell two per cent against the previous year, to 644,688 TEUs (twenty foot equivalents).

The port firm's shares rose 13c to 677.

Other listed port companies were also on the rise. Port of Tauranga was up 5c to 570, Lyttelton Port Company was up 1c to 184, and Northland Port was up 18c at 330.

A related stock, Mooring Systems, which has turned in a solid performance in the past year, was a up 5c at 510.

Property investor AMP New Zealand Office Trust (Anzo) was unchanged at 93c after it posted a half year profit of $16.46m, against $17.3m in the previous same period.

Meanwhile, Contact's spike, which was on light volume, could be pinned to conflicting rumours of a possible capital return.

"It's quite clear the company's got an under-geared balance sheet and they'll have to optimise those levels, which will be positive for shareholders however they do it," Mr Willis said.

Shares in Waste Management jumped 16c to 608, an all-time high, ahead of its annual result later this month and following a broker upgrade overnight.

Fisher & Paykel Appliances said it would provide a trading, earnings update, and full year outlook to the market tomorrow morning.

"It's an extremely good company, but they're coming to a point in the (economic) cycle that's not going to be as advantageous to them."

F&P Appliances shares were up 1c at 399, while those in its sister company, F&P Healthcare, were up 6c at 322.

BIL International, which yesterday reported it had doubled its December half net profit to US$32.5m ($46.3m), was down 4c at 90.

Other stocks on the move included: Baycorp Advantage up 11c at 347, Fletcher Building up 5c at 660, Infratil up 11c at 355, Michael Hill International down 5c at 764, and The Warehouse down 4c at 389.

- NZPA