NZ stocks: Shares becalmed as market eyes America's Cup

New Zealand shares were becalmed today as investors' attention focused on the America's Cup racing, rather than corporate activity.

The benchmark NZSE-40 index was narrowly in the black during the morning session on optimism cup defenders Team New Zealand would make a comeback after losing the first two races in the best of nine series to Swiss challenger Alinghi.

A crucial wind shift on the first leg gave Alinghi the lead they needed to beat the New Zealanders by 23 seconds, however, and investor sentiment quickly soured to see the index close down 1.13 points at 1943.66.

"It was very depressed at the end of the day," JB Were manager of private stock broking John Cobb said.

"The index was up before the race started."

With American investors out of the picture too for a Presidents' Day holiday, turnover was subdued at $42 million - $17.5 million of that in top stock Telecom. Telecom closed up a cent at 454.

Falls narrowly outpaced rises by 38 to 33 among the 136 stocks traded.

Notable losers included Fletcher Building, which eased 7c to 359 as the profit hawks set in; Briscoe Group, down 6c at 238; Fisher & Paykel Appliances, down 6c at 1005; F&P Healthcare, down 10c at 985; and The Warehouse, which closed 12c lower at 575 after losing its grip on an earlier rise to 590.

On the flipside, Contact Energy powered ahead 8c to 464 - a fresh high - on reports that power prices hit 18-month highs this week on natural gas shortages.

Waste Management piled on 7c to 312 after reporting a 15 per cent rise in full year profit to $15 million yesterday.

Steel & Tube was up 5c at 330 after reporting a $10.95 million half year profit yesterday, up 22 per cent. Its 50 per cent parent, Australian steel producer OneSteel, today posted a first half net after tax profit of $A55 million ($NZ61 million) - more than double the same period a year ago.

Ports of Auckland was a cent higher at 646 after saying yesterday profits were down in the half year to December, but that it was enjoying robust growth in revenue and even more containers crossing the wharf.

Financial services giant AMP recovered 35c to 890 after Britain's benchmark FTSE 100 index cruised to its best close in 3-1/2 weeks overnight, led by the banking sector.

Among the other banking stocks here, ANZ was up 33c at 1755 and WestpacTrust added 25c to 1400.

Sky Network Television piled on 10c to 360 ahead of its half year results announcement tomorrow. Mr Cobb said investors would be eyeing any forward-looking comments as to how the rising currency is beginning to aid Sky's programming costs.

Sky's 66-per cent parent, Independent Newspapers, which reports at the same time, was down 5c to 305 after earlier trading up 4c at 314.

Blis Technologies was a cent higher at 36c after unveiling its second product, Blis Bio Restore, today.

Market minnow Broadway Industries closed up 2c at 42c after recording an interim profit of $879,000, up 24.3 per cent on the same period a year ago.

- NZPA