NZ Stocks: Market mixed in moderate trade

The sharemarket was mixed in moderate trading at the end of a week blighted by rises in both the New Zealand dollar and interest rates.

The benchmark NZSX-50 index rose 13.282 points, or 0.475 per cent to 2809.825. Turnover was worth $109.7 million. There were 44 rises and 33 falls among the 111 stocks traded.

The NZ dollar rose yesterday, even though the Reserve Bank of New Zealand (RBNZ) highlighted the strength of the currency as a risk to economic recovery, while keeping its official cash rate (OCR) changed in its monetary policy statement.

Both the stronger currency and higher bond yields are seen as dampeners on corporate earnings and enthusiasm for equities.

Stuart Hardie, investment adviser at ABN Amro Craigs, said volume was "nothing exceptional" and there were few moves by individual stocks that jumped out.

"The market is still digesting what happened yesterday and the currency is a lot stronger today," he said.

"It's a mixed bag today," he said.

Fisher & Paykel Healthcare, an exporter, fell 5c to 296 but Rakon bucked the trend to rise 4c to 158.

Sky TV rose 1c to 430, Hallenstein Glasson rose 5c to 250, while market leader Telecom was unchanged at 255.

Contact rose 20c to 589 and TrustPower fell 2c to 788. Fletcher Building rose 10c to 685 and $12m worth of its shares traded.

SkyCity fell 4c to 272 and $21m worth of its shares traded.

The Warehouse fell 2c to 374, Lion Nathan fell 1c to 1454, NZOG fell 2c to 160.

NZX fell 5c to 775 after it was reported its bid for a small Australian exchange is facing opposition.

Westpac rose 18c to 2525 and ANZ rose 12c to 2160.

US stocks racked up gains across a wide array of sectors on Thursday, aided by rising commodity prices and improving labour market conditions, along with a sharp drop in interest rates.

But stocks faded late in the session as analysts said the recent pattern of light volume has made it difficult for the S&P 500 to close above the psychologically important 950 level.

Recent concerns about large debt auctions have been shrugged off, with a big rally in the bond market on Thursday as the Treasury sold US$11 ($17) billion of 30-year bonds.

The Dow Jones industrial average gained 31.90 points, or 0.37 per cent, to 8770.92. The Standard & Poor's 500 Index rose 5.74 points, or 0.61 per cent, to 944.89. The Nasdaq Composite Index added 9.29 points, or 0.50 per cent, to 1862.37.

- NZPA