NZ stocks: Market gears up on AMP bid and corporate news

The sharemarket moved into top gear today with National Australia Bank's (NAB) play for a stake in troubled insurer AMP and a host of corporate news.

At 5pm, the benchmark NZSX-50 gross index was up 10.2 points at 2188.32, while the NZSX-40 capital index was up 10.4 points at 2116.24.

There was $101.7 million worth of shares traded on volume of 30.5 million,the 132 stocks traded showing 49 rises and 46 falls.

ABN Amro Craigs broker Matt Willis said while the market had not broken records today it was "very, very busy".

NAB's success in grabbing a 5.4 per cent stake of AMP at A$5.60 ($6.35) a share on the Australian stock exchange had caused ripples in the New Zealand market, he said.

There was $24.9 million worth of AMP shares sold on NZX on volume of 3.6 million, causing its shares to finish up 143c at 708, their highest level in nearly four months.

"They've (NAB) obviously got intentions beyond that," Mr Willis told NZPA today.

"What they have made clear is they will not make a full play for AMP, when and if they do, until AMP's United Kingdom businesses had been sold," Mr Willis said.

"What they're doing is getting themselves in a strategically advantageous position."

NAB, owner of the Bank of New Zealand, had instructed brokers JBWere and Citicorp to bid for 174 million AMP shares, or 15 per cent, at A$5.60.

Meanwhile, market heavyweight Telecom finished down 1c at 494, having traded $22.7 million on volume of 4.6 million.

In other sharemarket news, several companies announced their results today.

Air New Zealand confirmed a net profit after tax of $166 million, up from $95 million last year, its shares finishing up 2c at 51.

Auckland International Airport reported a June year net profit of $83.5 million, up on last year's $71.5 million. The news was well-received, the airport's shares finishing up 8c at 618.

"It's a great result... there was a bit of selling on the result," Mr Willis said.

New Zealand Refining Co today said its June half year net profit fell 39 per cent to $14.1 million thanks to the high New Zealand dollar and high electricity costs in the March quarter.

At market's close, NZ Refining shares were down 60c at 1650.

Other shares on the move today included: Contact Energy up 4c at 490, Fisher & Paykel Appliances up 30c at 1465, Hellaby down 8c at 470, Lion Nathan up 4c at 602, Nuplex down 4c at 385, Pacific Retail up 5c at 208, Promina up 10c at 305, Telstra up 22c at 552, and Westfield down 14c at 374.

- NZPA