NZ Stocks: Auckland stocks stand out as market crabs sideways

By SIMON LOUISSON

Auckland Airport and Ports of Auckland were the standout stocks today on a sharemarket that continued the week's trend of a sideways scuttle.

Auckland Airport pushed 17c ahead to a new high of 745 in the glow of its result yesterday. The company delivered on high expectations for its profit, with a 13 per cent rise in its annual net profit to $94.3 million. The company promised at least $100m in 2005 and said it would also lift its dividend payout ratio to 90 per cent from 80 per cent.

Brokers said the prospect of good dividend yield and continued growth was a winner.

Ports of Auckland, which has been trending down for more than a year, gained 10c today to $6.97. Meanwhile Port of Tauranga, one of the reasons behind Ports of Auckland's troubles, lost 7c today to 505.

After a steady start the top 50 index softened 4.69 points to 2735.91 while the NZSX-All capital index fell 0.51 of a point to 919.18. The NZSX-50 index has moved less than six points every day this week.

Telecom returned to more normal volumes with 6.7 shares worth $39m changing hands. It also resumed its downward path, with a 1c fall to 583.

ABN Amro Craig broker Bryon Burke said the fall in Telecom, which is down to its lowest level since early July, was surprising. He said despite a good financial result in early August and change in dividend policy to increase its payouts, the stock had fallen steadily in recent trading.

Sky City fell 8c to 445 as investors continue to unload following its profit result on Wednesday. Investors took a dim view of the $20m Canbet write-down and are worried about the impact of anti-smoking legislation now just a couple of months away from being implemented.

Investment firm Hellaby Holdings gained 10c to a new record of 585 despite recording a slight dip in its June year net profit to $22.24m. Despite the profit dip, the dividend was hiked to 19cps from 15cps. It closed 7c up at 582.

Pyne Gould Corporation Ltd (PGC) rose 5c to 605, after it today announced a 62 per cent lift in its full year net profit to $25.96 million. Meanwhile, associate farm services company, Pyne Gould Guinness, gained 11c, or 6.3 per cent, to a new high of 185. It has risen 48 per cent since the end of March.

NGC Holdings spurted 7c ahead to 305 to equal its record high last seen in September 1997. The rise follows yesterday's announcement that its 66 per cent owner Australian Gas Light was looking to sell. A sale would trigger a full takeover.

Air New Zealand rose 3c to 189 after yesterday upping its fuel surcharge.

Baycorp Advantage rose 11c to 341 despite posting a year loss of A$138.2m ($152m). Investors preferred to focus on the 56 per cent rise in earnings before interest and tax of A$29.2m.

Fisher & Paykel Appliances continued to track down, losing 2c to 417. It has lost 11 per cent since its August 16 result.

GPG fell 4c to 194 following its result yesterday.

Other movers in the top 50 included: Cavalier, up 3c to 498, Fisher & Paykel Healthcare, up 5c to 1330, Michael Hill, up 4c to 674, Hallenstein Glasson, up 5c to 330, Lion Nathan, down 13c to 755, and Tourism Holdings, down 4c to 184.

The small stocks index fell 1.86 points to 7604.50 and the top 10 index fell 2.18 to 1112.01.


Toll NZ fell 6c to 220 after it reported a loss of $335.6m for the year to June. The loss mainly arose from writedowns before the rail track was sold to the Government.

Operating earnings of $35.7m were below the $48m the company predicted before Toll Holdings of Australia took over. The shortfall was mostly due to $8m in costs relating to the floods in the lower North Island.

There were 50 stocks that rose and 42 that fell among 155 traded.

There were 33.3 million shares traded, worth $102.7m.

- NZPA