The sharemarket mirrored worldwide uncertainty over the US election result yesterday, with Lion Nathan the only real mover of the day buoyed by positive reaction from shareholders to its annual result.
The biggest mover of the day, Lion Nathan rose 30c to $5.50 - its highest since Japanese brewer Kirin
grabbed its 45 per cent stake in April 1998.
This came after the brewing giant posted a net profit after abnormals of $A3.7 million ($NZ4.96 million) for the 13 months to September 30, and said it would restructure and rationalise its unprofitable China operations.
Market speculation that Lion might try to take up the balance of Montana's stock saw Montana touch $3.60 before settling down 1c at $3.40. Lion owns 28 per cent of Montana.
Mr Scott said buyers were looking ahead to the benefits the new Commerce Act and the Takeovers Code - in particular the lowering of the dominance code threshold - could bring the brewer.
Fellow brewer DB Group was up 3c at $3.30.
Tranz Rail was unchanged at $3.80 following an announcement that its major shareholders Wisconsin Central and Pacific Rail may sell their stakes in the national rail operator.
Telecom pulled down the market, drifting off ahead of its annual result on Tuesday to end the day down 12c at $5.85.
Fletcher Energy fell 6c to $8.03, while Building ended the day up 10c at $2.07 from an all-time low of $1.77 several weeks ago.
Fisher & Paykel recovered to hold steady on $7.
Nuplex closed up 4c at $3.26, after announcing that profits in the first four months of the new year were up from the previous corresponding period.
Air NZ B's fell 2c early in the session before stabilising to end the day up 2c at $2.04, while the As were up 1c at $1.50.
Advantage gained 5c to $1.85, AMP was up 9c early in the day before slumping to $23.51, Baycorp fell 5c to $11.30, Genesis gained 20c to $7.35, Westpac NZ gained 25c to $10.70 and Westfield, 9c to $4.40.
Contact ended up 7c at $3.04 ahead of an expected disappointing half-year profit.
- NZPA
