NZ stocks: Market closes higher as retail investors snap up healthcare

Retail investors helped push the New Zealand sharemarket higher today as they continued to snap up shares in Fisher & Paykel Healthcare, a broker said.

At 5pm, the benchmark NZSX-50 index was up 10.89 points at 2431.82, while the NZSX-40 capital index was up 9.86 points at 2241.47.

Bellweather stock Telecom accounted for $22.2 million -- or 32.5 per cent -- of the $68.1 million worth of shares traded today.

Its finished the day up 4c at 561, helping the NZSX-50 break a five-session losing streak.

ABN Amro Craigs broker Matt Willis said retail investors had again shown interest in Healthcare and its former sister stock, F&P Appliances, in a lacklustre day's training.

This week Appliances sold-off the 19.8 million shares it owned in Healthcare at 1170. Healthcare shares closed down 5c at at 1165, while Appliances shares gained 2c to 391.

"Both (stocks) represent good buying at the moment," Mr Willis told NZPA today.

"You've got the Healthcare share price well down from when the placement was announced, so that's got to be good buying."

Port of Tauranga's tightly held shares were unchanged at 450 after the company today posted a flat December half net profit of $14.7 million and lifted its dividend by one cent to seven cents.

"That came on bang-on market expectations and the unchanged share price would, perhaps, indicate that's pretty much a consensus number," Mr Willis said.

Dual-listed credit check business Baycorp Advantage's writedown driven net loss of A$149.8 million ($171.33 million) belied its potential, Mr Willis said.

In issuing the result, Baycorp pointed to a strong operating performance as a sign of future growth. It shares were up 13c at 328.

"At the operational level that's an absolutely outstanding result. All the headline numbers are very encouraging," he said.

"The extent of the writedown ($139 million), given it's got a new chief executive on board is not surprising."

Among second tier companies, Carter Holt Harvey rose 2c to 190, Contact Energy was down 2c at 505, and Fletcher Building was up 1c at 410.

Rural services company Wrightson continued to slide today losing 1c to 122. Yesterday it lost 6c after disappointing the market with its first half result.

Tranz Rail also reported yesterday, its shares plunged 4c to 145 on big writedowns and a negative headline figure.

Drycleaning and linen company Taylors Group rose 5c to 275 after reporting a 15.5 per cent increase in profit for the half year.

Tourism Holdings Ltd yesterday reported a drop in its December half profit, but was up 4c to 148.

NGC continued to rise today adding 7c to 234. Yesterday, it rose 9c after posting an improved half year result and higher tax free dividend.

Other stocks on the move today included: AMP down 2c at 545, Auckland International Airport up 5c at 672, Briscoe Group up 6c at 146, Cavalier up 13c at 525, Hallenstein Glassons up 5c at 290, Lion Nathan up 10c at 680, and Richmond down 15c at 255.

Overseas, the Dow Jones closed down 43.25 points at 10,566.37, the Standard & Poor's 500 Index closed down 1.90 points at 1139.09, and the Nasdaq Composite Index fell 2.08 points to 2005.44.

- NZPA