6.13PM
Shares in The Warehouse pegged the sharemarket back today, although the discount retailer recovered from a sharp morning selldown following its result.
It finished the day on 435, down 8c, but dropped 23c in the morning shortly after its result. Australian business losses had dragged down The Warehouse's net profit by
18.9 per cent to $61.2 million for the year ended July. This followed an 8 per cent drop the previous year.
Macquarie Equities broker Rob Gwyther said some investors had hoped the Australian operations would provide a positive surprise by not being as bad as expectations. In the end, the result was in line with guidance. He said the company was battling a tough competitive environoment.
Fletcher Building continued its stellar performance this week, rising 15c to a new high of 580. The company's positively received roadshow held this week has seen the stock appreciate nearly 12 per cent.
Tenon continued to strengthen ahead of its capital repayment, due at the end of the month. It rose 4c to a high of 204 and is now 83 per cent ahead of its price at the start of last year.
Market leader Telecom kept the market in check with another 2c fall to 564. Turnover was down on other days in the week but still a healthy $37m.
The benchmark NZSX-50 gross index ended 0.79 points down at 2751.92, having been around seven points down in the morning. The NZSX-All capital index closed down 0.73 points at 917.60.
The New Zealand dollar closed in on an all-time high against the aussie dollar and that made some Australian listed stocks here weaker. The Australian bank stocks also weakened on rumours of National Australian Bank needed a capital injection. Westpac NZ closed 4c down at 1746 and ANZ fell 18c to 1960.
Auckland Airport continued its recovery from indigestion last week caused by Colonial First State selling down its stake. It rose 6c to 711.
Clothing retailer Hallenstein Glasson showed no ill effects from The Warehouse's difficulties, rising 10c to 350 -- its highest price in 10 years.
Ports of Auckland showed few effects from the four-day strike affecting operations, rising 4c to 699.
The small stocks index fell 15.50 points to 7594.97 and the top 10 index rose 0.77 of a point to 1105.86.
Over 1 million shares in medical supplies company Ebos traded, propelling the company 15c higher to a new high of 405.
Fishing company Sanford, which has had a rough ride most of this week, recovered 10c today to 415.
There were 28.3m shares traded in all today, worth $100.8m. The 48 stocks to rise were matched by 48 falls among the 148 traded.
- NZPA
6.13PM
Shares in The Warehouse pegged the sharemarket back today, although the discount retailer recovered from a sharp morning selldown following its result.
It finished the day on 435, down 8c, but dropped 23c in the morning shortly after its result. Australian business losses had dragged down The Warehouse's net profit by
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