5.59pm
Carter Holt Harvey continued to weigh on the sharemarket today, with the benchmark index logging another negative close.
Despite finishing in the red, the market staged something of a recovery this afternoon after falling over 22 points earlier in the session.
The benchmark NZSX-50 gross index clawed its way back to close
just 3.06 points lower at 2802.81, while the NZSX-All capital index ended down 0.69 points on 933.54.
Carter Holt remained under pressure today after announcing a disappointing result yesterday and saying it would sell just one-third of its forest assets instead of the whole lot. The number two stock fell 9c to 208, adding to the 16c it shed yesterday.
Grant Williamson, of Hamilton, Hindin Greene, said after falling early on today a number of stocks, including heavy hitters Contact Energy and Telecom, staged good recoveries in afternoon trading.
Contact Energy hit an intra-day low of 599 during early trading, but recovered to end the day at 603, down 5c.
After falling 3c in morning trade, Telecom also showed strong improvement this afternoon, to end up 9c at 587 as it bounced back from recent falls relating to potential changes to mobile termination rates.
Fisher & Paykel Appliances dipped 5c to 403 and F&P Healthcare fell 9c to 281. Mr Williamson said both losses were probably a reaction to the very strong New Zealand dollar.
Takeover target Powerco was unchanged at 212c after Finance Minister Michael Cullen approved Prime Infrastructure's controversial $2.15 per share takeover offer.
Meanwhile Powerco's board also gave qualified approval for the offer, but said local shareholders were disadvantaged and urged bondholders to reject the deal. After the market closed today Powerco reported a half-year net profit of $37 million, up from $30.7 million from the same time last year.
Nuplex was off 5c to 525. Mr Williamson said the stock had come under some profit-taking pressure today after booking a 22c rise yesterday.
Recent listing Dominion Finance rose 2c to 106 after it today reported a $3.7 million net profit for the half-year ended September, exceeding its forecast by 33.5 per cent.
Stock exchange operator NZX was unchanged at 715 after reporting a net profit of $990,000 for the September quarter, up from $929,000 for the same period last year.
Tenon rose 2c at 220. Bids were due in today for the company's sawmills in the central North Island.
Ports of Auckland gained 3c to 678, after saying at its annual general meeting it had met trading expectations for the first quarter, despite a fall in container volumes.
There were 57 falls and 53 rises among the 161 stocks traded today, which amounted to total market turnover of $106.7 million,
Other stocks on the move today included: Air NZ down 4c at 152, Fletcher Building up 5c at 566, Michael Hill Jeweller up 17c at 750 and TrustPower up 5c at 485.
- NZPA
5.59pm
Carter Holt Harvey continued to weigh on the sharemarket today, with the benchmark index logging another negative close.
Despite finishing in the red, the market staged something of a recovery this afternoon after falling over 22 points earlier in the session.
The benchmark NZSX-50 gross index clawed its way back to close
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