NZ stocks: Market holds firm as companies report mixed results

6.00pm

The sharemarket held firm in a quiet session today, with gains by Telecom and Contact Energy offsetting falls by other top stocks as the market continued to digest a mixed round of financial results.

By the 5pm close the benchmark NZSX-50 gross index was 1.07 points higher at 2748.56, while the NZSX all capital index ended 0.29 of a point lower at 926.64.

ASB Securities head of advisory Stephen Wright said the market had seen a fairly quiet session. Total turnover was worth $79.37 million with 48 stocks rising and 44 falling among the 155 traded.

Market leader Telecom finished 3c higher at 598, and number three stock Contact Energy was up 9c to 594. Both stocks are approaching the record date for dividend payouts.

Meanwhile Fisher & Paykel Appliances continued to fall after the company said yesterday this year's full-year profit would be much the same as last year's. The company lost another 16c to 425 after yesterday shedding 27c.

Mr Wright said the company's losses over the past two sessions had come after a "dream run".

"It must have had 10 or more announcements which all seemed to be more positive than the last one and then you finally come to a slightly downbeat announcement it starts a rout in the share price."

Fletcher Building was down 7c to 528 on "a small amount of profit taking" after gains on last week's record result.

NGC Holdings was among a number of companies to report results today, posting a full year net profit of $84.5 million, down 43 per cent on the previous year, when a $78.9 million one-off gain from asset sales was booked.

After initially firming on what Mr Wright said was "quite a reasonable result", the company ended a cent lower at 294.

Agriculture equipment maker Skellmax Industries eased 5c to 129 after today reporting an 8 per cent dip in full year net profit to $11.6 million.

Elsewhere, New Zealand Oil and Gas, which yesterday reported a significant Taranaki oil find, continued to rise on the news, adding another 6c to 82.

Pan Pacific, which has a stake in the discovery, rose half a cent to 18.5c.

Ports of Auckland (POAL) fell 14c to 696, after today reporting a net profit of $57.2 million for the year ended June, up from $47.6 million the previous year.

Other stocks to move today included: BayCorp Advantage up 3c to 310, Briscoe Group up 6c to 147, Ebos down 5c to 375, Mainfreight up 4c to 203, Pacific Retail Group down 7c to 203, Promina up 7c to 424, Sky City down 7c to 458, Sky TV up 7c to 525 and Wrightson down 2c to 154.

- NZPA