The New Zealand sharemarket turned in a "respectable" performance today in the face of broadly weaker offshore bourses.
At 5pm, the benchmark NZSX-50 index was down 1.72 points at 2755.05, while the NZSX-All capital index was down 0.29 of a point at 927.26.
Turnover was $76.7 million, including $29.8 million worth of
Telecom shares that changed hands.
There were 46 rises and 64 falls among the 161 stocks traded.
Macquarie Equities investment director Arthur Lim said in a relatively stable market shares in Telecom, which closed unchanged at 606, were an attractive yield prospect for investors.
"On our forecast...you are buying this stock on a gross yield of 9.7 per cent. It's pretty hard to go wrong," Mr Lim told NZPA today.
Tower was the mover of the day, up 8c at 205.
"The last time it was at this level was before it fell out of bed in November 2002," he said.
"The story is they've moved beyond recovery, to growth prospects."
Waste Mangement closed up 10c at 500 after earlier rallying to a record high of 505. Yesterday the firm posted a 49 per cent increase in its June half profit to $12.7 million.
It also issued an interim dividend of 9.9c a share and forecast a strong full year result. It has signalled good progress in its Australian expansion.
"As our analyst puts it, the stars are in alignment for Waste Management," Mr Lim said.
Trans Tasman Properties shares were up 1c at 38 after it posted an almost 70 per cent jump in June half profit to $12.2m.
Fisher & Paykel Appliances slipped 9c to 462, possibly on the New Zealand dollar buying US65.32c, Mr Lim said.
Powerco was down 2c at 206 after Australian firm Prime Infrastructure yesterday unveiled details of a $364.7m deal to acquire 53.6 per cent at $2.15 a share.
Finance Minister Michael Cullen has said he would be looking at the merits of the deal as it included the sale of "sensitive land."
Other stocks on the move included: AMP down 11c at 711, Austral Pacific up 10c at 340, Hellaby up 6c at 550, Infratil up 7c at 305, Metlifecare up 9c at 245, Ports of Auckland up 5c at 705, Sanford down 11c at 454, and Toll NZ up 8c at 200.
Overseas, the Dow Jones fell 0.67 of a point to 9814.66, the Standard & Poor's 500 rose 1.25 points to 1065.22, and the Nasdaq Composite lost 2.25 points to 1774.64.
- NZPA
