For the second day this week, the local sharemarket was the only market globally to put in a strong performance. Markets in the US in particular suffered big losses yesterday.
The NZSE-40 capital index ended the day up 14.64 points, or 0.71 per cent, at 2090.22. The small companies' NZSE-SCI capital
index shed 58.30 points, or 1.12 per cent, at 5161.72.
High turnover of 35.27 million shares, valued at $172.95 million, was topped by Fletcher Energy's $84.36 million of stocks.
Telecom also helped propel the market away from potential trouble, with the news that it has been included in the Australian S&P/ASX top 50, 100, 200 and 300 indices.
David Price, of Credit Suisse First Boston, said Australian passive fund managers, who follow index weightings more than their New Zealand counterparts, would need to buy 50 million Telecom shares by March 30 to lift their holdings to the required level.
Telecom ended the day up 16c at $6.20, and has notched up an extra $840 million in value as a result of the past two days' gains.
The result was all the more impressive because telcos worldwide were having a very rough time, Mr Price said.
"Telecom in the past week would be the standout performer globally. Certainly there's a lot of demand, I think the bias will be up for the next week."
In contrast, Telstra was down 10c at $7.75.
Warehouse, which shot up 19c to close at $6.09, is likely to benefit from the announced closure of 46 Deka stores and rebranding of the remaining 17 stores. Australian supermarket company Foodland owns the Deka chain.
"Deka have about $170 million in sales and that has to go somewhere. Deka has about 15 per cent of the toy market, and The Warehouse has 55 per cent. Deka has 7 per cent of the department store sales, so these things will just migrate to The Warehouse," Mr Price said.
Fisher and Paykel ended the day up 5c at $8.60 after the Government announced anti-dumping measures against Korean refrigerator manufacturers.
But analysts said botched currency cover - rather than the dumping of Korean appliances - was behind Fisher and Paykel's substandard financial performance in the six months to September 30.
Fletcher Energy rose 6c to $9.53. Contact Energy was up 3c at $3.00, INL gained 17c to $3.80, and Sky TV rose 6c to $3.60.
The New Zealand dollar dropped yesterday as its Australian counterpart once again dived to new lows.
The kiwi finished at 41.13USc.
- NZPA
For the second day this week, the local sharemarket was the only market globally to put in a strong performance. Markets in the US in particular suffered big losses yesterday.
The NZSE-40 capital index ended the day up 14.64 points, or 0.71 per cent, at 2090.22. The small companies' NZSE-SCI capital
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