The sharemarket closed little changed yesterday despite gains for leading stocks Telecom and Fletcher Building.
The NZSX-50 index eased 1.8 points to 4236.85 on solid turnover.
Fletcher Building rose 8c to $12.18, while Telecom added 4c to $4.65.
"Probably the star performer of the day was NZ Oil
and Gas, which is up 6 per cent," said Barry Johnson of Maquarie Equities.
NZOG's Pike River Coal share offer closed yesterday, the company is also close to first production at the Taranaki Tui oil field in which it has a 12.5 per cent stake, and it is about to start exploration at nearby Hector.
"Also, with oil prices being at record levels, everything appears to be aligning nicely for that company," Johnson said.
NZOG closed up 8c at $1.24, its highest in more than a year.
Among blue chips, Auckland International Airport lost 3c to $3.25 on big volume as a significant lift in passenger volumes failed to overcome uncertainty about potential bidders. Manukau City Mayor Sir Barry Curtis confirmed another approach for the council's 10.5 per cent stake, reported to be Dubai International Airport.
"It's a great land bank, and it's not replaceable. We wouldn't want to see that one disappearing from the market, it's the bluest of the blue chips," Johnson said.
Vector shed 4c to $2.66, and Contact lost 8c to $9.05.
Casino company SkyCity was down 5c at $4.95, and Sky TV lost 12c to $5.53.
Rakon rose 7c to $4.87, and Mainfreight was up 3c at $7.42, Michael Hill jumped 40c to $10 on light turnover.
Canwest MediaWorks closed flat at $2.35. Bidder Ironbridge Capital said it received acceptances for 82.3 per cent of shares by Monday's deadline, short of the 90 per cent needed.
Air NZ rose 8c to $2.64.
- NZPA
