KEY POINTS:
Strong gains for Guinness Peat Group and Nuplex after good results buoyed the market today, despite heavy falls across the Tasman.
The NZSX-50 index, which gained half a per cent yesterday, was up 17.2 points, or 0.5 per cent, at 3579.6. Volume of $120.7 million was dominated by
Telecom's $51 million worth of turnover.
"We're really strong on the back of the market's very positive response to a couple of results that were released at the start of the day," said Barry Lindsay of First NZ Capital.
"It comes at a time when the market's getting a little bit down in the mouth about earnings prospects, and earnings generally," he said.
Business confidence slid to a two-year low this month, according to the National Bank of New Zealand's monthly business outlook, but the market has rebounded strongly at positive surprises during the current earnings season.
Guinness Peat Group shares rose 24c, or 17 per cent, to 166 after net profit rose 258 per cent to A3;129m ($318.2m), with the increase largely due to sales of shares in two companies.
"That was very much focused on the improved performance of Coats, its single largest investment which according to our research delivered a much better than expected result," Mr Lindsay said.
Resins maker Nuplex shares closed up 31c, or 5 per cent, at 610, having hit a session high of 620 after half year net profit rose 60 per cent to $24m. It lifted its imputed dividend to 20cps from 15.5c.
Port of Tauranga shares rose 9c to 659 after reporting a fall in half-year profit, but a rise in dividend and a positive outlook.
Telecom was up 2c at 391, Fletcher Building fell 16c to 942, Contact Energy was up 2c at 774, Fisher & Paykel Healthcare rose 4c to 265, F&P Appliances was flat at 261, and Auckland Airport lost 4c to 247.
Mainfreight jumped 17c to 660, NZ Refining was up 15c at 745, and NZOG rose 5c to 130 after posting a strong half year result yesterday.
NZX was up 6c at 731, Ebos rose 20c to 520, Freightways gained 5c to 343, Hellaby Holdings was up 8c at 223, and TrustPower was up 9c at 760.
Hard-hit Pumpkin Patch had earlier risen 4c to 195 after analysts yesterday assessed it as oversold, before closing down 1c at 190.
Dual-listed stocks were lower, with ANZ down 55c at 2620, Westpac lost 30c to 2750, and Lion Nathan fell 2c to 1088.
Australia's benchmark S&P/ASX 200 Index was down 2 per cent at 5647 amid growing speculation of an interest rate rise next week. Japan's Nikkei share average lost 0.7 per cent.
Earlier, US stocks ended little changed after a rally fizzled when doubts emerged that the lifting of investment caps on the two largest home financing companies would halt damage to the housing market.
- NZPA