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Home / Business / Companies

<i>NZ stocks:</i> Fletcher building standout performer in quiet market

15 Nov, 2004 05:23 AM3 mins to read

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6.23pm

Fletcher Building was the standout story in what was largely a featureless day of trading on the New Zealand sharemarket, a broker said.

Fletcher Building shares finished up 4c at 588 -- a level they last touched in early October -- on turnover of $4 million.

ABN Amro Craigs broker Matt Willis
said it was "quite clear" Fletcher Building was trading ahead of its forecast profit for the 2004/05 year.

"It puts them on track for (a profit of) about $500m for the current year," Mr Willis told NZPA today, noting that was about 5 to 6 per cent ahead of forecast.

"What is clear is that the company has articulated this and maybe investors are now prepared to accept what they've said."

This despite reports of a power struggle for the firm's top job.

Chief executive Ralph Waters is tipped to return to Australia next year, and four divisional captains are shaping up for his job.

Market heavyweight Telecom was down 4c at 596, on turnover of $48.7m, dragging the benchmark NZSX-50 index down 2.67 points at 2920.99.

The NZSX-All capital index was down 1.16 points at 964.44.

Total market turnover was $96.7m, with 59 rises and 48 falls among the 171 stocks traded.

Carter Holt Harvey (CHH) was up 2c at 219, recovering from a recent stint just above the 200c mark.

"I think the consensus fair value (for CHH shares) is about 260c or 270c, but historically Carters has traded at a discount because of commodity risk," Mr Willis said.

Otherwise, Mr Willis said the market was trading on a stock specific basis, with retail stocks turning in a mixed performance.

The Warehouse finished down 1c at 378, having gone ex-dividend today at 4c a share.

Other retail stocks turned in a mixed performance.

Briscoe was down 1c at 129, Hellaby was up 7c at 602, Hallenstein Glassons was down 5c at 370, and Michael Hill International was down 5c at 830.

Tower was down 5c at 235 after today confirming plans to spin off its Australian funds management businesses.

Tower will create a new company called Australian Wealth Management (AWM), incorporating Bridges and Tower Trust, and list on the Australian stock exchange.

Tower will receive 120 million shares in AWM, worth A$1 each ($1.12), as well as cash payment of A$130 million.

Contact Energy, which Friday announced the sale of its Victorian retail business Red Energy, was up 1c at 625.

Other stocks on the move included: Air NZ up 4c at 167, Auckland International Airport down 5c at 750, Cavalier down 10c at 450, Lion Nathan dwon 9c at 847, NZX up 30c at 800, and TrustPower up 8c at 540.

Overseas, the Dow Jones rose 69.17 points to 10,539.01, the Standard & Poor's 500 rose 10.69 points to 1184.17, and the Nasdaq Composite Index rose 24.07 points to 2085.34.

- NZPA

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