5.30pm
The sharemarket ended a choppy session today nearly flat.
Indicative of the volatile trading were the two lead stocks, Telecom and Carter Holt Harvey, which traded in relatively wide ranges.
Telecom ended the day 3c lower at 465 but traded as low as 458 and as high as 467, recovering from continuing
pessimism about its failure yesterday to win the Woolworths contract in Australia. There was over $26 million worth of Telecom stock traded.
Carter Holt went the opposite way, initially lifting to 190 as northern hemisphere fund managers chased stock, but ending 2c down at 183.
Forsyth Barr Frater Williams executive director Don Turkington said the day was characterised by illiquidity in stock.
Contact Energy, for example, was chased higher on relatively low volume, closing 8c up at 402.
The top 40 capital index ended down 1.49 points at 1983.20 on volume of $67.3 million. The top 10 index fell 1.32 points to 897.15 while the small stocks index was off 2.04 to 5726.50.
The retail sector had a good day. UBS Warburg broker Campbell Stuart said it appeared investors were encouraged by the good weather to assume the retail sector had a good Christmas.
The Warehouse rose 7c to 725, Briscoe 4c to 279, Hallenstein Glasson 8c to 280 and Pacific Retail 5c to 285. Only Michael Hill bucked the trend with a 4c fall to 625.
Trading interest in Richmond tailed today with news that Graeme Lowe's Lowe Corp appeared to have acquired enough stock to block the PPCS bid at $3.05/share.
But there was plenty of interest in what would happen to the complicated saga with PPCS. The shares closed 10c down at $2.75 on a general assessment that the PPCS bid would fail, brokers said.
"Mr Lowe has got his stake and clearly people are worried the bid may not proceed," Dr Turkington said.
"Even if PPCS were to lift their bid, they will have to talk to Mr Lowe," he added.
Goodman Fielder fell 8c to 183 as uncertainty about the future of Burns Philp's bid increased following Goodman's revelations yesterday about tax losses and debt covenants. Analysts are worried Burns Philp may lower its bid or even pull it.
Among other movers, AMP fell 25c to 1225, Baycorp Advantage fell 7c to 227, NZ Refining rose 15c to 1850, Ports of Auckland rose 10c to 675, Sky City fell 8c to 810, TrustPower fell 7c to 365 and Turners Auctions rose 6c to 266.
There were 36 rises and 46 falls among the 123 stocks traded.
- NZPA
5.30pm
The sharemarket ended a choppy session today nearly flat.
Indicative of the volatile trading were the two lead stocks, Telecom and Carter Holt Harvey, which traded in relatively wide ranges.
Telecom ended the day 3c lower at 465 but traded as low as 458 and as high as 467, recovering from continuing
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