Sky TV, Kathmandu climb on another day of doubt

Sky TV stock is rated 'outperform' by eight analysts. Photo / Dean Purcell

New Zealand stocks closed mixed yesterday amid ongoing concerns that the European sovereign debt crisis will drag the global economy into recession.

The NZX-50 Index rose 1.45 points, or 0.04 per cent, to 3300.17, with a turnover of $118.3 million.

The New Zealand dollar was little changed at US77.84c at 5pm from US77.83c at 8am, and was down from US78.45c on Wednesday.

"There's a lot of uncertainty in the market and people are just looking for a definitive solution to Greece and how much private bond holders are going to lose," said Greg Easton, an adviser at Craigs Investment Partners.

Sky TV, the pay television operator that last month reported a 16.8 per cent lift in annual profit, rose 3.5 per cent to $5.40, leading gainers on the exchange. The stock is rated "outperform" according to the consensus view of eight analysts compiled by Reuters.

Kathmandu, the outdoor clothing and equipment retailer, rated as "buy" according to Goldman Sachs, rose 2.8 per cent to $2.18. PGG Wrightson rose 2.6 per cent to 39c. Vector rose 1.6 per cent to $2.52. Westpac rose 1.6 per cent to $25.90.

Telecom rose 1 per cent to $2.55 after it announced its wholesale unit has signed up retail rival CallPlus Group for its third-generation mobile services.

Cavalier fell 4.7 per cent to $3.05, leading decliners on the exchange after the stock shed its 11 cents a share final dividend.

AMP fell 3.8 per cent to $4.76. OceanaGold fell 1.7 per cent to $2.86 as the gold price continued to weaken, last trading at US$1617.50 an ounce, down from US$1651.29 on Wednesday. Separately the company announced there had been a fatality at its troubled Didipio project in the Philippines.

Pumpkin Patch fell 2.5 per cent to 78c, with the stock continuing to come under pressure after it earlier reported a $1.8 million net loss as it wound down its US operations and shut under-performing stores in the UK.

Energy Mad, the energy-efficient light bulb marketer, extended the closing date of its initial public offering until October 12 after failing to reach its $5 million minimum. Steel & Tube Holdings fell 2.1 per cent to $2.30.