Rises in Contact Energy and Fletcher Building helped underpin a market which slid in just below recent stellar highs.
The NZX-50 benchmark index closed up 0.17 per cent or 6.7 points to 3818.24, just below yesterday's all-time high of 3821.12. Total turnover was $135 million.
Second and third
biggest stocks, Contact and Fletcher Building, helped offset a down day for the top stock, Telecom, which dropped 8c to 472, on $55m worth of shares traded.
Fletcher Building jumped 2 per cent or 20c to 967 on what appeared to be continued speculation that it was a takeover target in a consolidating Australasian industry .
Contact Energy rose 13c to 768 as its majority shareholder, Origin Energy, announced it had been granted an oil and gas exploration permit in the Canterbury basin.
"By and large, the rest of the market is treading water," John Elsom, an investment adviser with ABN Amro Craigs, said.
Air NZ was down 3c to 147 as it announced the closure of its Christchurch call centre.
Crystal maker Rakon rose 2c to 348 after reporting a 48 per cent lift in revenue in the September half-year. Rakon, whose products are largely used global positioning systems (GPS) and mobile phones, also benefited from a lower New Zealand exchange rate.
Sky TV was also up 9c to 579, F&P Healthcare was up 8c to 424, Ryman rebounded 5c to 855 after being sold off, and Wakefield Health rose 15c to 740 after a positive six month result yesterday.
On the downside, in-play stock The Warehouse edged down 7c to 692, after reporting a slightly lower same store first quarter result, and Mooring Systems lost 15c to 440.
Rises outnumbered falls 53 to 41 on 140 stocks traded.
Across the Tasman, Australian shares were slightly weaker , down 0.4 per cent, as investors worried about the interest rate outlook following a 25 basis point rise in the official cash rate.
US stocks rallied on Tuesday, pushing the Dow Jones industrial average to an all-time high as investors bet midterm elections would leave US government gridlocked, maintaining business-friendly policies.
The Dow Jones industrial average gained 51.22 points, or 0.42 per cent, to end at 12,156.77. The Nasdaq Composite Index added 9.93 points, or 0.42 per cent, to close at 2,375.88.
- NZPA
