NZ stocks: F&P Healthcare stocks boost turnover in nzx, which closes down

The New Zealand sharemarket saw massive turnover today as investors snapped up nearly 20 million shares in Fisher & Paykel Healthcare.

Despite the heavy turnover, the market finished down.

The benchmark NZSX-50 slipped 4.67 points to 2422.16, while the NZSX-40 capital index fell 4.19 points to 2231.13.

ASB Securities broker Stephen Wright said the sale through UBS Warburg of 19.8 million F&P Appliance shares in Healthcare was the news of the day.

The sale went through at $11.80, compared with Healthcare's previous close before a trading halt on Friday at $12.35.

At 5pm, Healthcare shares were down 60c at 1175, while Appliances shares were up 12c at 384.

"I think the (Healthcare share) price will just consolidate and then move up," Mr Wright told NZPA today.

"I didn't think Healthcare would go down quite so much, but inevitably that's what happens in placements.

"It takes a day to shake out the loose sellers and then hopefully we'll see some consolidation and rises."

"If you take out Healthcare our market would probably have been better (today)," Mr Wright said.

Of the $315.4 million shares traded on the New Zealand Exchange today, $242 million, or 76.7 per cent, were Healthcare shares.

Shares in market heavyweight Telecom were down 3c at 558, having traded $29.6 million worth.

Mr Wright said NZX had broadly followed the trend of overseas markets, with all of the key United States indices finishing lower overnight on Friday.

Meanwhile, NZX was awash with corporate news today as several companies posted their December half results.

Pay TV operator Sky TV confirmed an improved first half net profit after tax (npat) of $12.4 million and said it expected a full-year npat of $28 million to $35 million, its first ever annual profit.

Sky TV shares closed down 1c at 500.

Its majority shareholder Independent Newspapers Ltd, which also reported on its six months to December 31, posted an npat of $43 million against, from $38.8 million a year ago.

Its shares were unchanged at 465.

Auckland International Airport was down 3c at 667, after announcing a first half net profit of $45.2 million.

AMP finished up 47c at 555 after it said it expected its 2003 full year results to beat forecasts.

AMP said its net profit after tax, before goodwill amortisation and other items, was likely to be A$600-620 million ($684-707 million), up from the A$402-535 million it forecast in October.

The results are due to be released next month.

"It would be nice to think that this is the end of the bad news and the start of much better news," Mr Wright said.

Listed electricity and gas distributor Powerco said it was offering up to $250 million in bonds to help finance bank debt raised to purchase UnitedNetworks' assets in 2002.

Its shares were down 3c at 194.

Ngai Tahu-owned Shotover Jet reported its December half year net profit had fallen to $670,000 from $1.15 million a year earlier.

Other stocks on the move included: Baycorp Advantage down 1c at 314, Cavalier down 8c at 512, Lion Nathan down 15c at 675, Mooring Systems up 20c at 300, NZ Refining down 10c at 1610, Provenco up 3c at 63, and The Warehouse down 5c at 438.

Among the 147 stocks traded today were 37 rises and 54 falls.

Overseas, the Dow Jones closed down 45.7 points at 10,619.03, the Standard & Poor's 500 Index finished down 2.95 points at 1144.11, and the Nasdaq Composite Index fell 8.03 points to end at 2037.93.

- NZPA