NZ stocks: Shares firm despite poor Telecom showing

The New Zealand sharemarket firmed slightly today as most top stocks with the exception of market leader Telecom rebounded from yesterday's losses.

The benchmark NZSX-50 ended 3.18 points or 0.12 per cent higher at 2579.08, but the NZSX all capital index eased fractionally, losing 0.20 of a point to 873.66.

Forsyth Barr broker Suzanne Kinnaird said most top stocks had put in strong performances today apart from Telecom, which had given a "topsy turvy performance".

The stock finished 5c lower at 555.

"It's kind of bizarre seeing as we've seen strong performances offshore and also they're coming up to their dividend... I would have expected to see a bit of strength in them this week," Ms Kinnaird said.

Turnover in Telecom stock was massive, accounting for $178.82 million of the market's total for the day of $229.45 million.

Elsewhere across the top of the board Auckland International Airport was up 4c to 660, Carter Holt Harvey was up a cent to 200, Contact Energy was up 2c to 562, Fisher & Paykel Healthcare was up 2c to 1273, Fletcher Building was up 4c to 437, Independent Newspapers Ltd was up 15c to 485, and Sky City was up 2c to 470.

Hamilton Hindin Greene broker Grant Williamson said: "We are seeing a bit of a bounce back (from yesterday's 23 point slide) on the back of firmer (overseas) markets".

In corporate news, Pacific Retail Group (PRG) posted a dividend-less net loss of $22.6 million for the March year, down from a net profit of $18.2 million the previous year. Its shares ended the session 10c higher at 221.

"They seem very upbeat in their comments, but a shocking result," Mr Williamson said.

"They seem pretty happy going forward with floating off the retail side of things, but certainly their UK operation (PowerHouse) is soaking up the cash at this stage."

Michael Hill International shares ended down 5c at 580 after the company announced it was shedding 28 staff at its Whangarei head office. The company is moving services to its operational headquarters in Brisbane.

Shares in New Zealand Oil & Gas continued to rise in the wake of its report of "good" oil traces in a 7m column at its Pukeko-1 well in Taranaki. Its shares rose 4c to 67.

Other shares on the move included: Briscoe up 3c to 133, Fisher & Paykel Appliances down 1c to 455, GRD up 7c to 189, Guinness Peat Group up 2c to 197, Infratil up 3c to 303, NGC Holdings up 4c to 250, Nuplex down 12c to 508, NZX down 2c to 900, Promina up 5c to 413, Telstra up 4c to 535, Tenon up 2c to 193, and The Warehouse down 4c to 430.

There were 56 rises and 40 falls among the 148 stocks traded.

- NZPA