NZ stocks: Ex-dividends fail to dampen buoyant day

The New Zealand sharemarket had a positive start to the week, with a healthy turnover and good interest.

The NZSE-40 capital index was up 9.58 points, or 0.49 per cent, at 1975.66, while the small companies' NZSE-SCI capital index was up 8.19 points at 5035.72.

Turnover was 38.29 million, valued at $101.05 million, of which Fletcher Energy made up one third at $39.93 million, followed by Telecom at $20.37 million.

Several stocks going ex-dividend pushed the market down yesterday morning but it picked up during the day.

Stocks with final ex-dividends included Hallenstein Glasson (9.5c), Contact Energy (12.36c) and WestpacTrust (35.9c). Mainfreight and PDL Holdings had interim dividends of 3c and 10c, respectively.

Contact ended down 6c at $2.89, Hallenstein Glasson was down 8c at $2.20, PDL Holdings lost 10c at $3.90 and Mainfreight was down 3c at $1.30. WestpacTrust shed 35c to $10.35.

Craig Robins of Salomon Smith Barney said the sharemarket was slightly firmer, with a decent turnover for a Monday.

"The tone was quite positive, it's been better since the currency bottomed out and started getting better."

Air New Zealand B shares rose 13c to $2.25, while the A shares were down 7c at $1.65 as the result of lower oil prices.

Lion Nathan was down 2c at $5.30 after receiving Commerce Commission approval on Friday afternoon to buy the rest of Montana, which yesterday was unchanged at $3.80.

Lion holds a 28 per cent stake and signalled in late November that it wanted to lift that to 51 per cent.

Sky TV was up 5c at $3.05, while INL was up 10c at $3.40. Telecom rose 4c to $5.65, Telstra jumped 22c to $8.20, Genesis rose 10c to $6.95 and Vending Technology was up 4c at $1.64.

In the Fletcher stable, Energy rose 9c to $8.49, Forests was up 1c at 27c, and Building also gained 1c to $1.95.

AMP gained 30c to $24.50 after it announced strong third-quarter net cashflows of $A6.5 billion ($NZ8.4 billion), up 40 per cent on third-quarter results in 1999.

Auckland Airport was up 4c at $3.09, Advantage Group gained 9c to $1.34, and Powerco put on 4c to $1.44.

Stocks going against the trend included DB Group, down 15c at $4.95, New Zealand Refining, off 25c at $12.50, and Sky City, down 1c at $7.90.

The Warehouse slipped 18c to $5.65.

National Mail announced after the close of trade that it was winding up its mail distribution services on December 22 as a result of stiff competition.

National Mail ended up 5c at 43c but well down on its $1.25 issue price in March.

E-Force, formerly Paynter Timber, announced that director and chairman Richmond Paynter had resigned and it was closing its internet shopping portal to focus on its core activity - logistics software operation - within Product Sourcing International. E-Force slipped 0.8c, to 8c.

- NZPA