6.30pm
The sharemarket eked out its sixth straight gain today but all those gains have not returned the benchmark index to where it was before the last fall on May 25.
The NZSX-50 gross index closed up just 0.20 of a point at 2597.96 while the NZSX all capital index fell 0.49
of a point to 874.13. The top 10 index rose 0.14 to 1067.21 and the small stocks index rose 10.12 points to 7040.91.
The 6c gain of No.3 stock Contact Energy to 563 underpinned the market. Goldman Sachs JBWere broker Murray Rutherford said news that Contact had secured a gas supply from remaining Maui reserves was behind its firm tone.
Market leader Telecom was unchanged at 549 but it dominated the turnover at $38 million.
Air New Zealand fell 1c to 41c today after its shares were suspended ahead of the announcement of its $1.3 billion deal to buy 10 new Boeing aircraft to upgrade its long haul fleet. The announcement was another positive development in the company's reconstruction but, if anything, was overdue, Mr Rutherford said.
Tower rose 2c to 166 on good turnover following its well received result last week. After the market closed, it announced it would raise $80 million in a note issue.
Fisher & Paykel Healthcare continued its good run, rising 5c to 13.05.
The Warehouse fell 4c to 430 on slim turnover after reports that Miller's Retail was struggling in the Australian discount market.
Fletcher Building fell 8c to 432 as news of the slowdown in the building sector filtered through to investors.
AMP Office fell 3c to 82. The commercial property investor yesterday set an interest rate of at least 8.5 per cent on its $95.2 million of mandatory convertible notes.
Auckland International Airport, which yesterday announced plans for a $200 million bond programme, closed square at 677.
Takeover target Wrightson held firm on 157 after Rural Portfolio Investments yesterday raised its partial takeover offer to 165c a share. The independent directors have recommended against the offer. Fellow target Tenon had a mixed day with its head share down a cent to 191 and the prefs up one at 192.
Other movers in the top 50 included: Michael Hill, up 4c to 584, Sky TV down 4c at 531. Westpac NZ, down 5c to 1875. Trustpower, down 8c to 406, Sanford, down 5c to 475 and Hallenstein Glasson, down 3c to 292.
Penny dreadful RMG fell another half cent to 2.2c following the resignation of high profile director Michael Stiassny, the company chairman.
Other stocks to move included Briscoe, up 3c to 133, Hirequip, down 3c to 107 and Westfield, down 10c to 480.
Total turnover was worth $74.1 million and there were 43 rises and 44 falls on 145 stocks traded.
- NZPA
6.30pm
The sharemarket eked out its sixth straight gain today but all those gains have not returned the benchmark index to where it was before the last fall on May 25.
The NZSX-50 gross index closed up just 0.20 of a point at 2597.96 while the NZSX all capital index fell 0.49
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