KEY POINTS:
The New Zealand share market was flat today even though it had a huge amount of information to absorb and trade on.
The benchmark NZSX-50 index closed down 2.387 points, or 0.095 per cent, at 2497.433, having rebounded off five-year lows yesterday to close up 12.3 points.
There
were 39 rises and 33 falls among the 103 stocks traded. Volume was worth $63.83 million.
Air New Zealand, Hellaby, PGG Wrightson, Ebos, Nuplex, Lyttelton Port Company, Just Water and Diligent all reported today and brokers said investors are taking their time to absorb the details.
"There are good stories out there," said Nigel Scott of ABN Amro Craigs.
But investors were focusing on the Fisher and Paykel Appliances, Nuplex and PGG Wrightson stories.
Generally investors were assessing the debt and likely equity raising plans from companies and waiting to see what transpired.
A feature of the reporting season has been lower or no dividend.
Nuplex fell 15c to 120 after saying there would be no dividend and talks were continuing with its bankers.
Air New Zealand was up 1c to 82 after reporting a 79 per cent fall in first half net profit to $24 million.
The airline was optimistic about the chances of a significantly improved financial performance in the second half.
Port of Tauranga rose 3c to 533 after reporting a strong profit yesterday. NZOG's story was similar and it rose 3c to 125.
ANZ rose 74c to 1645 after signalling a lower dividend but expressing optimism about its Australian business.
Among the leaders, Fletcher Building fell 10c to 525 and Telecom fell 5c to 241.
TrustPower rose 4c to 715, and Contact Energy fell 10c to 570.
Hellaby fell 10c to 60c and announced a fall in interim profit late in the session.
Ebos rose 4c to 444 on a strong profit.
PGG Wrightson rose 7c to 79 on positive commentary about its banking arrangements as it posted a loss of $32.761m for the six months to December.
US stocks fell on Wednesday after US President Barack Obama warned of stricter oversight for Wall Street.
"Whenever there is a question about how large the government role will be...the market doesn't like that," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
"As we came close to the bell we got the curveball: our president came on TV," he said.
Trade was choppy on Wednesday, with stocks buffeted by uncertainty over Washington's plan to shore up the banking system and weak housing sales.
The Dow Jones industrial average was down 80.05 points, or 1.09 per cent, at 7270.89. The Standard & Poor's 500 Index was down 8.24 points, or 1.07 per cent, at 764.90. The Nasdaq Composite Index was down 16.40 points, or 1.14 per cent, at 1425.43.
- NZPA