6.00pm
Although clawing its way to its ninth consecutive closing high, trading on the New Zealand sharemarket was a mixed affair today with its benchmark index failing to tell the whole story.
The NZSX gross index rose 2.58 points or 0.123 per cent to finish at 2089.63, but the NZSX 40 capital
index fell 7.75 points or 0.376 per cent, closing at 2053.02.
The indices' disparity reflected the mixed bag of results the market presented today according to Bryon Burke of ABN Amro Craigs Equities.
Market heavyweight Telecom was off 14c to 516 mostly as a result of surrendering its 5c dividend today.
"Telecom obviously dragged the (NZSX) 40 down... and without that the market was pretty flat," Mr Burke said.
As usual, trade in Telecom shares dominated turnover, comprising 9.96 million of the 29.2 million shares worth $95.9 million traded today.
Elsewhere Mr Burke said there was evidence of profit-taking on some shares that had jumped up on Friday -- Fisher & Paykel Appliances and Sky TV were the main two, he said.
Fisher & Paykel Appliances fell 20c to 1230, and Sky TV lost 7c to finish at 463.
"On the upside we saw continued yield chasing with Sky City and Fletcher Building moving higher."
Sky City rose 20c to 865, and Fletcher Building gained 9c to end at 360.
Surprising some commentators was bargain retailer the Warehouse gaining 5c today after the shock announcement after the end of trading on Friday that chief executive Greg Muir was resigning.
Warehouse shares lost a couple of cents in early trading this morning before firming up throughout the day.
"Everyone's taking different views," Mr Burke said.
"I think it's quite positive that they've made such a bold move in the management structure but obviously on the negative side there's two profit warnings and the CEO's resignation in 6 to 8 months. that can't be that positive for a stock."
Warehouse shares finished at 435 today.
Other stocks to rise today included: Affco Holdings up a cent to 19.9, Amp up 15c to 560, Auckland International Airport up 2c to 550, BayCorp Advantage up a cent to 180, Briscoe up 2c to 198, Carter Holt Harvey up 2c to 160, Contact Energy up 3c to 468, Fisher & Paykel Healthcare up 6c to 1110, Genesis up 5c to 130, Guinness Peat Group up 2c to 148, Ports of Auckland up 5c to 695, Rubicon up 2c to 68, Software of Excellence up 5c to 155, Tower Group up a cent to 152, and Waste Managment up 7c to 340.
Stocks to fall today included: BIL Ltd down a cent to 75, Hellaby Holdings down 12c to 385, Independent News Ltd down 3c to 426, Infratil down 2c to 203, Mainfreight down 10c to 128, Michael Hill down 5c to 444, NGC down 5c to 162, Owens Group down 5c to 88, Promina down 2c to 238, Sanford down 5c to 550, Telstra down 5c to 505, Tranz Rail down 3c to 81, and Trustpower down 6c to 445 .
There were 55 rises and 39 falls on 130 stocks traded.
- NZPA
6.00pm
Although clawing its way to its ninth consecutive closing high, trading on the New Zealand sharemarket was a mixed affair today with its benchmark index failing to tell the whole story.
The NZSX gross index rose 2.58 points or 0.123 per cent to finish at 2089.63, but the NZSX 40 capital
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