NZ stocks: Late run by Telecom lifts shares

6.25pm

A late run by top stock Telecom lifted the sharemarket's leading index to a positive finish after a largely flat, low volume Monday session on the NZX.

The NZSX 50 gross index ended the day 7.58 points higher at 2880.58, while the NZSX all capital index ended 2.84 points higher at 952.89.

The NZSX 50 had been trading sideways for much of the the day until a late push by Telecom nudged it convincingly higher.

Telecom, which lost 8c on Friday despite reporting a 19 per cent rise in first quarter net profit gained 6c today to finish at 589.

Overall, ABN Amro Craigs retail equities adviser Nigel Scott said it had been a quiet start to the week, " which I think is a little bit surprising given that some of the things that have been overhanging the market overseas are now out of the way".

"The market's seen really low volume and low liquidity for a Monday. After recent events it's maybe just consolidating on some of the information in the results that have come out."

Mr Scott said last week had seen some of the large cap stocks recovering from a quiet patch leading up to the US election. "This week may see people concentrating on the small to medium size stories."

Retailer Briscoe Group was on the way down today, falling 3c to 137. The group today announced a 2.67 per cent fall in same-store third quarter sales, led down by sports franchise Rebel Sport. Briscoes Homeware's same-store sales rose 3.22 per cent for the quarter, while Rebel Sport's same-store sales fell 14.48 per cent.

Telecommunications firm Cabletalk's shares were also down 3c to 50 despite it announcing a net profit of $1.2 million for the six months to September, a 64 per cent rise on the same period last year.

Fellow retailer The Warehouse was down 3c at 404, ahead of its quarterly sales report.

Restaurant Brands, which was ex-dividend 4.5c, was down 7c to 131.

Fisher & Paykel Healthcare was down a cent to 309 ahead of its half year result due out Wednesday.

Listed fishing company Sanford ended up 5c at 440 after it forecast its full year result would be up to 14 per cent better than last year's.

Australian bank Westpac rose 30c to 1990 after it posted a 16 per cent rise in second-half net profit on stronger business and housing lending and said its 2005 growth would be among the best in the sector.

Other stocks to move today included: Carter Holt Harvey up a cent to 207, Fletcher Building up 3c to 566, Independent Newspapers Ltd down 5c to 515, Nuplex down 3c to 505, Restaurant Brands down 7c to 131, Tower down 8c to 236 and Wrightson up 8c to 168.

Total turnover was worth $74.41 million and there were 55 rises and 47 falls among 160 stocks traded.

- NZPA