NZ stocks: Shares resist downward trend from overseas

Trading on the New Zealand sharemarket was fairly torpid today but the main indices remained firm relative to offshore markets.

By the 5pm local close the NZSX-50 gross index was 0.35 points or 0.016 per cent lower at 2213.39, while the NZSX-40 capital index was 2 points or 0.97 per cent higher at 2130.04. Turnover was $67.56 million.

While Macquarie Equities NZ broker David Cleal said today's session had to some extent followed the tone of offshore markets , the local market was reasonably robust "given what happened".

In the US, footage of what was believed to be al Qaeda leader Osama bin Laden ahead of the September 11 anniversary prompted significant falls on the leading US indices yesterday.

Back in New Zealand, "As you might expect Telecom fell into line with offshore markets," Mr Cleal said. Telecom lost 5c to 502.

Standouts of today's local session were INL and Sky TV. INL rose 7c to 455, and Sky TV rose 5c to 485.

Last month INL announced it would launch a $613 million bid for the 34 per cent of Sky TV it does not already own.

INL is offering what it says is the equivalent of $4.63 for each Sky share and has said it will not increase its offer.

"But the market seems to be suggesting that there might be some scope for INL to pay more, so Sky's up on reasonable volume and that's dragged INL up to," Mr Cleal said.

Elsewhere, Mr Cleal said Fletcher Forests had "ticked up" in advance of their annual result announcement tomorrow, by 5pm the stock was a cent higher at 114.

One of the stronger performers today was Fisher & Paykel Healthcare which rose 19c to 1240. Fisher & Paykel Appliances also rose, climbing 9c to 1450.

"The company has given some reasonably conservative guidance, both in Appliances and Healthcare, and the market's possibly anticipating that things are going well for both -- there's nothing new in that."

Meanwhile, retailers the Warehouse and Briscoe Grouped "looked reasonably well bid after recent results" Mr Cleal said. The Warehouse was up 5c to 515 and Briscoes was up a cent to 173.

Mr Cleal also said building sector stocks were looking better today. " There's even a little bit more resilience around Fletcher Building, Nuplex, and Steel & Tube," he said. Fletcher Building was unchanged at 415, Nuplex was a cent higher at 395, and Steel & Tube was 5c lower at 360.

Stocks to rise today included: Auckland International Airport up 2c to 642, Air NZ up a cent to 53, Carter Holt Harvey up a cent to 168, Contact Energy up a cent to 472, Hellaby Holdings up 8c to 498, Ports of Auckland up 3c to 798, and Promina up 4c to 337.

Stocks to fall included: AMP down 8c to 738, BayCorp Advantage down 4c to 242, Sky City down 3c to 875, Telstra down 5c to 553, TrustPower down 5c to 470, Tranz Rail down a cent 107, and Tower down 2c to 121.

Risers outnumber fallers 48 to 45 on 144 stocks traded today.

- NZPA