NZ stocks: Sharemarket up on healthy volumes

6.45pm

The sharemarket's NZSX-40 capital index managed to ease into the black in its last day of publication today.

The index was up 0.65 points, or 0.03 per cent at 2321.63.

The 47-year-old index, originally called the Barclays Index, is being abolished by the NZX because the exchange believes it does not fairly reflect the growth in the New Zealand market, because it ignores dividends.

The benchmark NZSX-50 gross index was up 2.14 points, or 0.08 per cent at 2593.03.

Market leader Telecom fell 1c to 581, on turnover worth $44.2 million.

Total turnover today was worth $112 million.

Andrew Kelleher of ASB Securities said specialist small stocks fund investor Kingfish made a good debut on the stock exchange today.

The shares were issued at $1 and each share carries an option to buy another share at the same price, exercisable on March 31 in each of 2006, 2007 and 2008.

The shares were trading at 92c today, while the warrants were fetching 15.5c.

"The people who bought those securities at a dollar are in the money, so it's a very pleasing debut," Mr Kelleher said.

Fisher funds was seeking to raise over $50 million and up to $75 million. It raised $58.5 million. It is a "closed end" fund that will not expand other than when the options are exercised.

F&P Healthcare was up 15c at 1195c in the lead up to its share buyback programme which is set to start next week. The company also announced this morning it was set to introduce new breathing circuit technology to its international markets.

"I think a lot of people have just started to have a look at the stock again in the past couple of weeks and realised it's going pretty well and perhaps giving it a bit of space to recover a bit of ground it lost a couple of weeks ago," Mr Kelleher said.

Infratil rose 4c to 276. Utilico Investment Trust, controlled by British businessman Duncan Saville, said in a substantial security holder notice that it now held 13.15 per cent of the company after exercising warrants.

Restaurant Brands rose 1c to 123, despite posting a 27 per cent fall in annual net profit.

"I suspect that it's one of those cases, where we all knew it was going to be a bad result and at least it wasn't worse than anticipated. It didn't disappoint again," Mr Kelleher said.

Trans Tasman Properties, which yesterday received a takeover offer from 60 per cent owner SEA Holdings at 40 cents per share, fell 3c to 42c. TTP traded up 10 cents, or 28.57 per cent, yesterday ahead of the takeover announcement.

Other stocks on the move today included Postie Plus up 4c to 100 after posting a half year profit of $2 million yesterday. Contact Energy rose another 2c today, to 559, Turners Auction up 4c at 434, Pyne Gould up 15c at 570 after listing yesterday at 530, Sanford rose 4c to 485, Independent Newspapers up 10c at 485.

On the downside Fletcher Building lost 4c to 443, Mr Chips down 3c at 95, Provenco down 3c at 63 and Ports of Auckland down 11c at 730.

Of the 152 stocks traded today there were 50 rises and 49 falls.

- NZPA