Shares end with a flourish as results keep pouring in

The sharemarket had a fairly lacklustre day but managed a spurt higher before the close.

The NZX-50 index closed up 24.88 points, or 0.99 per cent, at 2522.31, after initially opening weaker on the back of another poor Wall St performance and being flat in afternoon trading.

Turnover was worth $101.8 million. There were 47 rises and 48 falls among the 128 stocks traded.

It was a day of note in many respects as the reporting season continued.

Guinness Peat Group chairman Sir Ron Brierley spoke of "poor investment judgment in earlier years" as he presented a 50 million ($142.6 million) loss to the market. GPG shares fell 9c, or 13 per cent, to 60c.

The biggest percentage gainer in the top 50 was NZ Farming Systems Uruguay, up 14c, or 38 per cent, to 51c, while related company PGG Wrightson rose 12c to 91c.

"Investors are taking heart that the bankers are supporting PGG Wrightson and there will not be any flood of shares onto the market from either Mr Norgate's investment company or PGG," said Grant Williamson, director at Hamilton, Hindin Greene.

Pike River Coal was put on a trading halt and investors found more information about why on the ASX website, which said the company had assessed the cashflow implications of a rock fall in the ventilation shaft of its mine on February 18 and would update on the company's funding position. Pike also reported a loss yesterday.

Charlie's rose 0.8c to 11c after reporting an interim loss.

Other profits yesterday were mostly for very small listings, though some of them are performing better than the large companies.

New Image rose 4c to 25c on a strong profit result.

Among leading shares Contact Energy rose 25c to $5.95 after initially being down 5c. Fletcher Building was down 1c at $5.24 and Telecom gained 1c to $2.42.

Restaurant Brands added 7c to 69c after a positive trading update on Thursday.

Nuplex gained 2c to $1.22, after a 15c fall on Thursday when it said its interim dividend had been suspended.

The Warehouse rose 10c to $3.35 despite being fined for fair-trading breaches.

- NZPA