6.30pm
The benchmark NZSX-50 gross index managed to hold on to gains made last week, but the soon to be abolished NZSX-40 capital index fell today.
The NZSX-50 gross index was up 2.43 points, or 0.09 per cent, to 2578.05, while the NZSX-40 capital index fell 19 points or 0.82 per cent
to 2308.33.
The NZSX-40 capital index, which the stock exchange plans to abolish on Thursday, takes account of companies going ex dividend. NZX no longer wants to provide the capital index because the exchange argues it underestimates the returns to shareholders. However, critics say a capital index is a truer measure of real returns.
The main reason for the difference in the indices was the pricing of Tenon, formerly Fletcher Forests, following its capital reconstruction. Shareholders were paid out $1.25 for every two shares held and one in two shares were cancelled.
The stock was up 93.5c at 1620, which brokers said was 1c above what its price should theoretically be, taking account of the reconstruction.
"Tenon is still well supported even after the capital payout, so there is buying there wanting the assets that are left," ABN Amro Craig's broker Bryon Burke said.
Electricity providers Contact Energy and Trustpower were both up on the back of the announcement by state-owned electricity company Meridan that it was scrapping its proposed Project Aqua hydro development in the South Island.
"That means higher electricity prices until a different solution comes to the fore, which means more profit for Contact as they are a net producer," Mr Burke said.
Contact rose 7c to 540c, while Trustpower was up 10c at 700c.
Market leader Telecom was up 2c at 581c, on turnover of $14.8 million.
Today's total turnover was worth $54.4 million.
Mooring Systems continued its huge run, rising another 10c to 385 today. The stock, which has secured some important overseas contracts, is up 110 per cent since the start of the year.
Trans-Tasman insurer, Promina, fell 10c to 424c, despite Standard & Poor's today upping its rating outlook from stable to positive.
Other stocks on the move included Auckland International Airport up 4c to 654, Waste Management up 10c to 450c, Cavalier Corp up another 11c to 488, NZX rose 5c to 860, The Warehouse rose 2c to 427, Mr Chips rose 4c to 98, GRD up 5c to 210 and Finmedia up 5c to 105.
On the down side, Westpac NZ was off 13c to 1922, Ports of Auckland down 10c to 730, Sky City Entertainment down 3c to 440 and Sky TV down 5c to 520.
The 43 falls were outnumbered by the 51 rises among the 141 stocks traded.
- NZPA
6.30pm
The benchmark NZSX-50 gross index managed to hold on to gains made last week, but the soon to be abolished NZSX-40 capital index fell today.
The NZSX-50 gross index was up 2.43 points, or 0.09 per cent, to 2578.05, while the NZSX-40 capital index fell 19 points or 0.82 per cent
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