KEY POINTS:
New Zealand investors stood on the sidelines today, with light trading on the sharemarket.
The benchmark NZSX-50 rose a decent 0.78 per cent or 31.98 points to 4084.43 but it was on scant total turnover worth $66 million.
Rises only just outnumbered falls 59 to 50 among the 148 stocks traded.
ABN Amro Craigs retail equities adviser Nigel Scott noted that the New Zealand dollar had been steady and investors had adopted a watch-and-see stance after the credit-inspired turmoil of recent weeks.
They were also awaiting some important results this week, with Contact, Air NZ, THL, Goodman Fielder and PGC all due to report results tomorrow.
Mr Scott said investors would be looking at alternatives to fixed interest, and they would also note the softening currency and strong dairy prices, which could affect interest rates.
" We're at a level between the markets at this point and time. It was only a week, week and a half ago where there was turmoil so just at this stage, investors will continue to wait to see confidence levels improve in the asset classes."
Investment firm Hellaby Holdings tumbled 40c or 13 per cent to 265 after announcing a $9.8 million annual loss follow a $18.8 million writedown on its BBQ Factory investment. No final dividend was declared.
"Hellaby has always been a huge dividend story, and investors who have always been in Hellabys for the dividend [might have] found that a little bit hard to swallow," Mr Scott said.
Among the leaders Telecom was off 14c to 414, reflecting its 14.5c dividend paid out today. Contact Energy was up 14c to 944 ahead of its annual result tomorrow and Fletcher Building was up 20c to 1165.
Air NZ rose 5c to 210 ahead of tomorrow's result and the expectation it would reveal a plan to combat fresh domestic competition from Pacific Blue.
Other moves included currency-sensitive fishing company Sanford, up more than 4 per cent or 19c to 450, Fisher & Paykel Appliances rose 5c to 365, and NZ Refining jumped 10c to 710.
Allied Farmers rose 15c or 10 per cent to 165.
Turners & Growers jumped 6 per cent or 13c to 225 and Turners Auctions was up 7c to 117. Infratil rose 4c to 295, Nuplex was up 12c to 672 and Ebos was up 11c to 483.
In mid-afternoon trading, Australian shares were up 1.8 per cent as strong earnings and an upbeat outlook lifted shares in top retailer Woolworths Ltd and BHP Billiton Ltd rose on firmer metal prices.
Markets were aware of the jump on Wall St on Friday night after surprisingly strong data on home sales and durable goods orders bolstered investor confidence.
The Dow Jones industrial average shot up 142.99 points, or 1.08 per cent, to end at 13,378.87. The Standard & Poor's 500 Index climbed 16.87 points, or 1.15 per cent, to finish at 1479.37. The Nasdaq Composite Index rose 34.99 points, or 1.38 per cent, to close at 2576.69
- NZPA
