The New Zealand sharemarket got off to a good start today but could not follow through even though company results continued to signal that the worst may be over for the economy.The NZX-50 benchmark index closed down 9.29 points, or 0.3%, to 3101.77 after
The New Zealand sharemarket got off to a good start today but could not follow through even though company results continued to signal that the worst may be over for the economy.
The NZX-50 benchmark index closed down 9.29 points, or 0.3%, to 3101.77 after opening firmer. Turnover was worth $90.36 million. There were 36 rises and 46 falls among the 115 stocks traded.
Mainfreight rose 10c to 590 after reporting a 14.8% increase in third quarter underlying earnings and Michael Hill International closed unchanged at 69c after reporting a 53.9% in interim profit.
"Mainfreight had a good third quarter and they seemed to be quite upbeat about the current fourth quarter," said Stephen Wright at ASB Securities. "It's one of the market's stars today," he said.
Ports of Auckland, which is no longer listed, yesterday reported a recovery in trade in recent months, adding to the positive signals about the economy coming from the transport sector.
Retailer Michael Hill benefited from strong Australian operations.
Fletcher Building, which has a big Australian business, rose 4c to $8.00 after reporting earnings earlier this week.
Skellerup rose 6c to 54c after reporting lower profits, though it said the worst of the recession was over.
"Skellerup's profit was down but the half was better than the previous half," Mr Wright said. "I think the trend in results has probably been better than expected so far."
Quartz crystal maker Rakon rose 8c to 99c and brokers said the trading of around five million shares at 90c before the open may have cleared out a seller in the stock.
The company said it was compliance with continuous disclosure requirements after NZX Regulation asked if it knew of any reason for weakness in its price in recent days.
OceanaGold's shares were on a trading halt on a day in which the company signalled a capital raising and reported a record result care off its successful New Zealand mines.
AMP fell 9c to $7.86 on a day in which it reported little change in New Zealand earnings in its result in Australia.
Contact Energy rose 1c to $5.65 and Fisher & Paykel Healthcare 2c to $3.29.
TrustPower eased 6c to $7.30, Port of Tauranga fell 9c to $7.00 and Auckland Airport 3c to $1.81.
GPG fell 2c to 8c2 and NZOG 2c to $1.50. Tower fell 3c to $1.88 and SkyCity 2c to $3.17.
