NZ stocks: Small gains despite scant Telecom trade

6.10pm

The sharemarket's benchmark index closed slightly higher on relatively light trade today as market leader Telecom made less than half of its usual contribution to overall turnover.

By the 5pm close the NZSX-50 gross index was 3.47 points higher at 2625.60, while the NZSX all capital index was 2.00 points higher at 881.11

Although the NZSX-50's modest rise took it to its highest close since April 30, today's session was notable for a lack of movement, First NZ Capital research manager Barry Lindsay said.

"A lack of activity in Telecom rubbed off on the rest of the market."

Overall turnover at $71.74 million was below average but not remarkably low he said. There were 71 rises and 29 falls among 147 stocks traded.

Telecom which carries a 28 per cent weighting on the NZSX-50 is usually responsible for 30 to 40 per cent of total turnover Mr Lindsay said. But today just $12 million worth of the stock changed hands, equal to about 14 per cent of the market's total turnover.

Telecom remained unchanged on 565. Other top stocks also showed no movement including Auckland International Airport at 666, and Carter Holt Harvey at 197.

The strongest gainers were in the second liners, Mr Lindsay said.

These included Vending Technologies Ltd which rose 10c to 110 after announcing a $3.8 million purchase of the Texan vending company Adolphs Vending Service.

On the NZAX alternative market Just Water continued its dream run since listing on Monday, rising to a new closing high of 72c.

With buyers evident at the close, Mr Lindsay expected Just Water to rise further tomorrow. The company's shares are now trading at a 44 per cent premium on their issue price.

Of the NZSX's larger companies, a standout was Fisher & Paykel Healthcare up 23c to 1317, "which goes a long way to recovering the 28c dividend," Mr Lindsay said. The company went ex dividend on Monday. The company remained well supported and was travelling well because it operated in a well favoured sector he said.

Among recent listings, Feltex added a cent to another post issue high of 167 , and Pumpkin Patch closed up a cent at 141.

In other developments Craig Norgate's Rural Portfolio Investments today announced it had edged closer to its target of 50.01 per cent of Wrightson. RPI now has 27.5 per cent of the company with five trading days remaining before the offer closing. Wrightson closed unchanged at 152.

Other stocks to move today included: BayCorp Advantage up 5c to 320, Cavalier Corp down 4c to 476, CDL Hotels up 2c to 44, Contact Energy down a cent to 587, Fisher & Paykel Appliances up 2c to 448, Fletcher Building up 3c to 436, Independent Newspapers down 10c to 470, Infratil up 3c to 291, Mooring Systems up 10c to 345, NGC Holdings up 2c to 269, NZX up 9c to 850, Promina up 5c to 430, Sky City up 4c to 471, Sky TV up 2c to 517, Steel & Tube Holdings up 5c to 394, Toll NZ up 3c to 164, Tower down 2c to 160, TrustPower up 9c to 435, and Waste Management up 6c to 465.

- NZPA