NZ stocks: Sky City dominates sharemarket

6.10PM

Sky City Entertainment dominated turnover on the sharemarket today, knocking market behemoth Telecom off the hot stock perch,

Sky City rose 2c to 457c, on turnover worth $53.5 million. ASB Securities head of advisory Stephen Wright said most of that was accounted for by an institutional cross of 11 million shares.

Telecom, which normally easily accounts for most of the market's turnover, trailed Sky City on turnover worth $22.9 million, amid total market turnover worth $122.2 million.

Although it gave up the turnover crown today, the telco's share price recovered from the lacklustre performance it has put in in recent sessions, rising 3c to 565.

The overall market was also up, with the benchmark NZSX-50 gross index rising 2.48 points to 2736.88, and the NZSX-All capital index up 2.08 points to 913.85.

Rises and falls were fairly balanced, at 51 and 49 respectively, among the 149 stocks traded.

On the downside, Contact Energy, fell 4c to 576. Last night Australia's Origin notified the sharemarket it had sent a formal notice to Contact to make a takeover offer for all its shares.

The offer, for $5.57 a share, was expected to be made on September 24 and expire on October 26.

Lion Nathan jumped 23c to 770 as bidding for its Chinese business heats up.

Restaurant Brands rose 1c to 127. The fast food operator today reported same store basis sales were down 1.4 per cent for the September quarter, and 0.6 per cent down on the previous September year. For the half year, sales totalled $167.8m, up 0.4 per cent on the same period in 2003.

Trans Tasman Properties (TTP) was unchanged at 38c after it today announced a conditional purchase of a development site in Hong Kong for $HK565.73m ($112.23m).

Ebos shares were placed in a trading halt this morning, as one of its one of its shareholders -- Romney (No 30) Ltd, a unit of Rangatira Ltd -- intended to offer its 6.2 per cent for sale. Ebos shares last traded at 410c yesterday.

Statistics New Zealand figures showed a hefty seasonally adjusted 1.2 per cent rise in retail sales spending in July. The Warehouse wasn't buoyed by the strong figures, and remained mired down by its disappointing full year results, released on Friday. The discount retailer's shares fell 5c to 423. Among other retailers; Briscoe fell 5c to 133, Hallenstein Glasson was up 5c at 353, Michael Hill Jeweller down 9c at 700 and Pumpkin Patch was up 6c at 191.

Other stocks on the move today included Carter Holt Harvey down 7c at 225, Fisher & Paykel Healthcare up 30c at 1395, Waste Management up 16c at 523 and Cavalier up 10c at 490.

- NZPA