NZ stocks: Amp Hits Fresh Lows

6.30pm

A fresh low for AMP and a profit warning for Tourism Holdings failed to shake the New Zealand sharemarket into the red today.

The NZ50 gross index closed up 0.19 points or 0.01 per cent at 1978.06, while the top-10 index was up 0.06 per cent at 890.95.

Turnover of 53.84 million stocks was valued at $106.07 million.

ABN Amro Craigs retail equities advisor Nigel Scott said many stocks traded better during the day than the closing levels showed.

"Looking across the board, Telecom (down 6c at 473) traded a lot better during the day -- it was up to 480, so just a bit of a sell-off towards the close."

Financial services company AMP was down 33c at a fresh low of 587, while in Australia the stock closed down A22c at a low of A$5.18 ($5.85).

"AMP going down below its issue price in Australia probably kept a few people on the sidelines," Mr Scott said.

One feature straight out of the 1980s was heavy volume in BIL International, the renamed corporate raider Brierley. Turnover in BIL was at a three-year high, with 23.04 million stocks changing hands worth $13.90 million.

Singapore-based BIL has taken control of its 45.6 per cent-owned Thistle Hotels, with the London company reluctantly accepting BIL's £627 million ($1.79 billion) hostile takeover bid.

Briscoe Group traded above 200 during the day but closed at 198, up 3c, following news yesterday of an 11.25 per cent rise in first quarter sales.

Fellow retailer The Warehouse has staged a turnaround, although it has not recouped the 26 per cent in share value lost on Friday after a profit warning.

The Warehouse closed up 21c at 465, compared with 560 a week ago.

"It had a pretty interesting day... it will probably settle around the 440 and 460 range for a little while," Mr Scott said.

The discount retailer redeemed itself yesterday with a rise in third-quarter sales in New Zealand, although sales in its troublesome Australian unit fell 4.2 per cent.

Auckland International Airport rose 3c to 510 after announcing today it stuck with its annual profit forecast of $77 million, while Tourism Holdings fell 3c to 92 after warning its result would be poorer than expected.

THL, which owns Maui campervans, said the war in Iraq and disruptions due to the killer virus severe acute respiratory syndrome would slash its annual profit by about 30 per cent to $5.5 million.

Contact Energy was up 7c at 441, Carter Holt Harvey lost 1c to 164, Tranz Rail shed 2c to 43, Sky TV rose 3c to 408, Restaurant Brands was down 4c at 142, Fletcher Building was up 4c at 330 and casino company Sky City lost 5c to 785.

Air New Zealand was down 2c at 43 after a 3 per cent fall in passengers in March.

Among the smaller stocks, Cavalier was up 13c at 428, Turners Auctions was up 10c at 305, Designer Textiles rose 2c to 87, and department store Kirkcaldies lost 12c to 355 on just 1000 shares.

On Wall St, the Dow Jones industrial average rose 57 points, or 0.67 per cent, to 8588.36; the Standard & Poor's 500 Index rose 7.84 points, or 0.85 per cent, to 934; and the Nasdaq Composite gained 19.67 points, or 1.31 per cent, to 1523.71.

- NZPA