The S&P/NZX 50 Index gained 3.49 points, or 0.04 per cent, to 7873.55.
The S&P/NZX 50 Index gained 3.49 points, or 0.04 per cent, to 7873.55.
New Zealand shares inched up to a new record, defying global market trends, with Tourism Holdings and Fletcher Building gaining while CBL Corp plunged.
The S&P/NZX 50 Index gained 3.49 points, or 0.04 per cent, to 7873.55. Within the index, 24 stocks fell, 16 rose and 10 were unchanged. Turnoverwas $132 million.
"The market had a good day in general when you consider the weakness overnight from offshore markets," said James Smalley, senior adviser at Hamilton Hindin Greene. Overnight on Thursday, the S&P 500 dropped 1.5 per cent while the Dow Jones Index fell 1.2 per cent.
"We've got one of the highest-dividend-paying markets in the world, and so far this reporting season companies have been matching and perhaps exceeding expectations with their dividends," Smalley said. "Guidance going forward hasn't been too pessimistic either. Investors are more focused on the domestic, on the micro than on the macro."
Tourism Holdings was the best performer, up 2.1 per cent to $4.45, while Meridian Energy rose 1.5 per cent to $2.96 and Air New Zealand gained 1.2 per cent to $3.39.
Fletcher Building gained 0.6 per cent to $8.47, a three-month high. Today's rise marks the sixth consecutive session of gains for the country's biggest construction company, which on Wednesday reported a 23 per cent fall in operating earnings.
"Investors have perhaps put the abrupt departure of the CEO behind them. They maybe think the work that the company is doing to try to stop a repeat of some of the blowouts is working - starting to give the benefit of the doubt again," Smalley said.
Spark New Zealand was unchanged at $3.92. The country's biggest telecommunications company boosted annual profit 13 per cent to $418m as it eked out small-sales growth and continued its focus on stripping out costs, while signalling a changing of the guard with chairman Mark Verbiest planning to stand down in November.
"Spark is really benefiting from people making the switch from copper to fibre, and the ability to upsell on that shift," said Smalley.
CBL Corp was the worst performer, down 9.8 per cent to $3.40 after the company said first-half operating earnings fell 36 per cent, largely due to a $16.5m increase in CBL Insurance's reserves to cover future claims, although revenue growth was still strong.
Vista Group International dropped 3.5 per cent to $5.52 and NZX fell 2.4 per cent to $1.20.
Steel & Tube was unchanged at $2.30. It posted a 22 per cent drop in annual profit after the year-earlier earnings were boosted by a property sale.
IkeGPS dropped 3.1 per cent to 31c. The laser measurement toolmaker said it has raised $3.7m in an oversubscribed placement.
