NZ Stocks: Sharemarket's top 50 index on two-week high

6.21PM
By ANDREW MACDONALD

The sharemarket's top 50 stocks today closed on a two-week high.

At 5pm, the benchmark NZSX-50 index was up 2.17 points at 2749.51, its highest since August 17.

The NZSX-All capital index was more subdued, gaining 1.17 points to close at 916.67.

Shares in market bellwether Telecom were up 1c at 572 on turnover of $56.7 million.

The telco went ex-dividend at 9.5cps yesterday.

Contact Energy rose 1c to 580, while Carter Holt Harvey was static at 246c.

Market turnover today was $113 million.

ABN Amro Craig's Matt Willis said the market was winding down after a reasonably solid reporting season.

"The strength in the market is justified by the reporting season," the Auckland-based broker told NZPA.

"The most encouraging aspect of it (the reporting season) was the number of companies that reported increased dividends," he said.

"That is an endorsement of the quality of the results."

There were few standout performers on the main board today, he said.

Fletcher Building was down 3c to 515 on turnover of $7.4m.

The building products firm slumped 6c this morning on figures out today that showed a sharp fall in July dwelling building consents.

"I don't think the (Fletcher Building) price has reacted to that news, if it has it's a kneejerk," Mr Willis said.

"This is the beauty of Fletcher Building, the majority of their work comes from non-residential and infrastructure and building materials sold into that part of the market.

"They'll be resilient to a slow down in residential building activity."

Also in the news today was Cavalier, which said it was expanding into the South Island, buying a 50 per cent stake in Canterbury Woolscourers.

Shares in Cavalier were up 6c at 499.

Retail stocks were again on the move.

The Warehouse Group was down 5c to 461, Hallenstein Glassons was up 5c at 345, and Michael Hill International was unchanged at 674.

Energy sector firms turned in mixed performances.

Powerco was up 1c at 204, TrustPower was down 5c at 470, and NGC Holdings was up 1c at 306.

Sky City Entertainment was up 6c to 453.

Sky City yesterday said it and fellow Christchurch Casino shareholder Skyline had buried the hatchet.

Meanwhile, the Takeovers Panel was questioning Bridgecorp Capital's buying 19.99 per cent of Dorchester Pacific this month.

The panel said Bridgecorp and Dorchester Pacific boss Brent King may have breached the Takeovers Code in a series of transactions that saw Bridgecorp secure the stake.

Others stocks on the move included: Air NZ up 3c at 191, AMP down 8c at 665, Ebos up 5c at 390, Lion Nathan up 5c at 765, Ports of Auckland down 4c at 695, Tower down 4c at 185, and Mooring Systems up 4c at 370.

Overseas, the Dow Jones fell 72.49 points to 10,122.52, the Standard & Poor's 500 fell 8.62 points to 1099.15, and the Nasdaq Composite lost 25.60 points to 1836.49.

- NZPA