NZ stocks: Market moves further away from seven day losing streak

The sharemarket edged higher today on solid trading, further distancing itself from a seven-session losing streak, a broker said.

At 5pm, the benchmark NZSX-50 index was up 4.09 points at 2457.73, while the NZSX-40 capital index was up 2.80 points at 2270.10.

Surprisingly, the market finished up despite a dip in the share price of bellweather stock Telecom.

Telecom shares closed down 2c at 563 after making up about 50 per cent of the $150.2 million traded on NZX today.

Among the 141 stocks traded today were 44 rises and 45 falls.

ABN Amro Craigs broker Matt Willis said Telecom's shares had consolidated in today's session.

"You will find any gap (decrease) in the stock price will get pretty quickly closed up by yield investors," he said.

Meanwhile, the market had been buoyed today by a bevy of corporate news, many contributing to solid share price gains.

Among companies to post results today was New Zealand Exchange, announcing a December year maiden net profit of $2.94 million.

NZX issued no dividend, despite sitting on investments of over $25 million. At 5pm, its shares were up 39c at 705.

"The initiatives put in place by the new management structure post the de-mutualisation are having very good effect," Mr Willis said.

"They've had the benefit of good environment for equities and capital raisings in the past year, which they have made the most of."

The Warehouse's vital Christmas quarter sales report today showed sales rose 6.9 per cent on a like-for-like basis and total group sales were up 14.3 per cent.

Despite the increases, shares in The Warehouse were traded down 17c to 493, their lowest since August last year.

The commentary with the report indicated the company has not solved all its problems, particularly in Australia where same store sales rose 3.5 per cent.

Another listed retailer, Michael Hill International, posted a half year profit of $10.9 million. Sales revenue in New Zealand was flat but very strong in Australia.

Michael Hill shares closed up 40c at 548, their highest since February last year.

Also today, Cadmus Technology posted a half year loss of $165,000, its shares closing less than a cent down at 11c.

Freightways, which yesterday produced a strong profit report, rose 10c to 249.

Other shares on the move included: AMP down 8c at 485, ANZ Bank down 14c at 1966, Briscoe Group down 4c at 156, Cavalier up 20c at 530, DB Breweries down 15c at 805, Lion Nathan down 10c at 670, Ports of Tauranga up 15c at 460, Turners Auctions up 10c to 475, and Steel & Tube down 6c at 396.

There was $36,379 worth of shares traded on the New Zealand Alternative Exchange today.

Overseas, the Standard & Poor's 500 Index lost 2.95 points to 1139.81, the Dow Jones Industrial Average slipped 14 points to 10,579.03, and the Nasdaq Composite Index fell 3.44 to 2060.57.

- NZPA