Telecom, SkyCity help market close week on high

F&P Appliances and PGG Wrightson fall, market rises
Investors punished Fisher & Paykel Appliances and PGG Wrightson for surprise profit downgrades but the market was up overall today.

Fisher & Paykel Appliances closed down 5c, to 8.77 per cent, at 52 after the company lowered its full year earnings forecast due to disappointing November sales. It traded as low as 50, a level not seen since August.

PGG Wrightson shares fell to their lowest level in more than a decade after the rural service firm reduced its earnings guidance, blaming a slower than expected recovery in the agriculture sector. The price ended down 4c, or 8.33 per cent, at 44.

Despite the declines, overall the benchmark NZX-50 index closed up 31.337 points, or 0.951 per cent, at 3325.114.

IG Markets said markets were mixed in Asia but the telecoms, healthcare and consumer sectors were all enjoying moderately positive sessions.

A 6c rise in Telecom to 223 helped the index as did a 9c rise in SkyCity to 332.

Fletcher Building managed a 1c rise to 773, following some big swings during the past two days in reaction to the company's hostile takeover bid for Australian company Crane Group.

Some investors consider Fletcher Building is offering too much, while others consider its bid is too low.

NZ Refining Co continued its ascent of the past few days, rising 32c early to 442, as analysts speculated that oil could be above US$100 a barrel in 2011 after trading in the US$75 to US$85 range for the 12 months to October.

OceanaGold lifted 27c to 480, though the speculation in that market was that year-end profit taking may take away some of the gain in the price of gold this year.

Xero eased a cent to 238 on a day it appointed Sam Knowles to its board, while TrustPower fell 3c to 730 and Port of Tauranga was unchanged at 742 after changes were announced to boards.

Rakon rose 8c to 123, Infratil rose 6c to 192, APN News rose 7c to 258 and SkyTV rose 11c to 525. Freightways rose 5c to 310 and Mainfreight rose 12c to 787. Hellaby rose 3c to 206 and Cavalier Carpets rose 4c to 307.

In the United States, stocks ended higher as economic bellwether FedEx offered a bullish profit outlook in a hopeful sign for growth

The Dow Jones industrial average gained 0.36 per cent to end at 11,499.25, the Standard & Poor's 500 Index rose 0.62 per cent to 1242.87, and the Nasdaq Composite Index advanced 0.77 per cent to 2637.31.

- NZPA