NZ stocks: Market finishes down in 'ho-hum' session

The New Zealand sharemarket finished lower today in what one broker labelled a "ho-hum" session with plenty of corporate news.

At 5pm, the benchmark NZSX-50 index was down 1.23 points at 2420.93, while the NZSX-40 capital index was down 0.48 points at 2231.61.

Market heavyweight Telecom accounted for $20.9 million, or 29.8 per cent, of the $69.9 million traded today.

The telco's shares finished down 1c at 530.

ABN Amro Craigs financial advisor Chris Jardine said the news of the day was a 34 per cent slide in the first half net profit after tax (npat) of rural services company Wrightson.

The company returned an npat of $2.7 million for the December half. Its share price reacted quickly, plunging seven cents to 122, later consolidating to close at 123.

"Wrightson's result was a bit disappointing," Mr Jardine told NZPA today.

"They put it down to climatic conditions and the like, but at the same time its probably indicative of a slowing in the rural economy that's starting to bite."

Rail operator Tranz Rail also reported today, posting a $346 million loss for the December half, dragged lower by a $322 million loss on the sale of its track network to the Government.

Its shares finished up 2c at 144.

There were no surprises in the result, Mr Jardine said, adding the full-year figures for Tranz Rail would be eagerly awaited by the market.

Meanwhile, NGC today signalled its rehabilitation from near annihilation three years ago with a $50.7 million December half net profit and a higher, tax-free, dividend.

Its shares were up 9c at 227.

"Generally it was a good result from them, and certainly ahead of our forecasts. The market is reasonably heartened by the dividend, which is probably an attraction for retail investors," Mr Jardine said.

Specialist healthcare property investor Calan Healthcare Properties Trust slipped 2c to 88c after boosting its half year net profit by 26 per cent to $4.8 million.

Of yesterday's movers and shakers, Fisher & Paykel Healthcare shed 5c to 1170 after its former sister company, F&P Appliances, sold off the 19.8 million shares it owned.

Healthcare fell 60c on the news yesterday. Today, Appliances rose 5c to 389.

AMP slipped 8c to 547 after yesterday upping its profit forecast for 2003. Its shares gained 47c yesterday.

Sky TV was up 13c to 513 after yesterday announcing an improved half year net profit of $12.4 million.

Independent Newspapers Ltd (INL), which owns 78 per cent of Sky TV, was unchanged at 465 after yesterday reporting a net profit of $43 million.

Other shares on the move included: Allied Farmers up 2c at 210, Briscoe Group down 5c at 140, Dorchester up 11c at 260, Contact Energy down 3c at 507, Lion Nathan down 5c at 670, NZ Refining up 10c at 1620, and The Warehouse down 1c at 437.

Among the 138 stocks traded today were 45 rises and 40 falls.

Overseas, the Nasdaq Composite Index was down 30.41 points at 2007.52, the Dow Jones finished down 9.41 points at 10,609.62, and the Standard & Poor's 500 Index fell 3.12 points to 1140.99.

- NZPA