The New Zealand stock market appeared oblivious to clouds gathering on the horizon in the US, as it rose on fairly healthy turnover.
The NZSE-40 Capital Index was up 14.80 points, or 0.78 per cent, at 1917.86.
A pre-market sale of 7.74 million Baycorp shares valued at $92.05 million - reportedly
sold by retired director Charles Bidwill and associates - made up more than half of the total turnover of $167.62 million on 36.99 million shares. Baycorp fell 30c to $12.00
Telecom, which gained 21c to close at 550, had turnover valued at $28.29 million on 5.22 million shares.
Richard Burton of Cavill White said Telecom had solid buy orders, and Telstra was also up 3c at 828.
"I think the market tends to think that at the low $5 mark Telecom is reasonably well priced," Mr Burton said. Another possible factor in Telecom's good showing was the news that Australian telco Cable & Wireless had set Friday as the deadline for expressions of interest in the $A20 billion-plus selloff of its mobile, consumer and corporate data assets.
Telecom was reportedly a leading contender for the $A12 billion of mobile assets, in tandem with Japanese giant NTT DoCoMo.
"That good performance from Telecom is what really pushed the market up," Mr Burton said. "After the American market shut IBM said things weren't going as well as the market had been expecting and their stock got sold down $US10 or so. Its fall pointed to another tough day for America today - Australia anticipated it and we didn't."
Carter Holt Harvey finished the day unchanged at 163, following a much improved profit result that was, nevertheless, in line with market expectation.
"It's well managed and cheap, with a balance sheet that's got plenty of potential for them to make some further acquisitions," Mr Burton said.
Fletcher Forests slumped a further 3c to 38 on turnover of 8.85 million shares, Building fell 2c to 185, and Energy was up 1c at 825.
Tranz Rail was down 10c at 355 and The Warehouse lost 8c to 590
Contact gained 3c to 278, Frucor was up 3c at 210, PDL Holdings jumped 15c to 400 and United Networks gained 8c at 738.
- NZPA
