NZ stocks: Westpac goes against the grain

Westpac bank hogged the limelight in an otherwise downcast sharemarket today. 

Investors traded Westpac shares up 85c to 2030 after the bank's New Zealand unit posted a March half profit of $323 million, from $310m a year earlier. 

This against its Australia-based parent, Westpac Banking, posting a net profit of A$1.325 ($1.42) billion for the half, up 8.2 per cent from the previous first half.  

Westpac's New Zealand class shares were expected to stop trading on July 1 with a New Zealand register established on July 11.  

This will allow shareholders to trade ordinary shares on both sides of the Tasman. Previously the New Zealand shares had traded at a discount to those in Australia.  

Meanwhile, today's Westpac share price rise was set against an underwhelming market, which saw several key stocks drag two key indices lower.  

The benchmark NZSX-50 index was down 18.73 points at 2973.13, while the NZSX-All capital index was down 4.54 points at 953.25.  

Hamilton Hindin Greene broker Grant Williamson said aside from the Westpac story, the market was very quiet. 

"It's all very light volume so I think there's just not the buying support in some of these stocks at the moment," he said.  

Top three stocks Telecom, down 4c at 607, Contact Energy, down 2c at 688, and Fletcher Building, down 3c at 610, weighed on the market.  

This on a market that saw 36 falls and 25 rises among the 105 stocks traded so far today. Morning turnover was $40.9 million, including $13.7m worth of Telecom, and $7.3m of ANZ Bank, its shares static at 2320c. 

In the energy sector, NGC Holdings was down 2c at 335, NZ Oil & Gas was up 1 at 93c, and TrustPower was up 5c at 533.  

In the retail sector, Hellaby Holdings fell 7c to 585, and The Warehouse fell 8c to 344, Hallenstein Glassons fell 10c to 360, PumpkinPatch fell 4c to 256, and Smith's City fell 2c to 64.  

Michael Hill International bucked the retail trend, gaining 8c to 738.  

The Fisher & Paykel sister stocks were also on the move. Healthcare was down 3c at 300, while Appliances shed 10c to 266.  

Beleaguered carpet maker Feltex was again on the down, giving up 1c to 72, but rival Cavalier also lost ground, giving up 3c to 386.  

Others on the move today included: Auckland International Airport down 4c at 196, Carter Holt Harvey down 2c at 185, Nuplex down 10c at 350, Promina down 7c at 538, Sky City Entertainment down 3c at 438, and Turners Auctions down 5c at 260.  

- NZPA