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Last Updated: Feb 18th, 2008 - 14:39:01 |
NZ stocks: Market retreats as Australian market drops
The top 50 share index retreated from a positive start today in the face of a weak Australian market.
There were pockets of sunshine amongst a generally dismal showing.
Fisher & Paykel Healthcare built on yesterday's 17c rise, hitting a record 380 at one stage in responce to the company's upbeat guidance at yesterday's annual meeting. The performance of rival Resmed in the US overnight gave investors further encouragement. It closed 11c up at 368.
The Warehouse gained 12c to 380 and traded as high as 388 as speculation about an announcement about its Australian operations gathered momentum.
Shares in Australian discount chain Miller have this week gained strongly on speculation it is about to tie up with The Warehouse.
Goldman Sachs JBWere broker Joe Gallagher said the market would look favourably at The Warehouse unloading its Australian unit at a reasonable price.
"If they sell at a reasonable price it will be taken well because the market was losing hope that Australia would ever turn around.
"I think it is a bit of a watch this space," he said.
The benchmark NZSX-50 gross index, which yesterday hit a new high above 3400, closed down 11.15 points on 3376.26. The NZSX-All capital index closed down 2.74 on 1056.96.
Market leader Telecom pegged the market back with a 5c fall to 622.
Fletcher Building fell 12c to 765 as its Australian counterparts, Boral and CSR were caned on the Australian market.
There was good interest again in Carter Holt Harvey which held steady on 257.
However, others in the building sector performed well. Nuplex, still basking in its positively received result, rose 9c to 469 and Steel & Tube rose 6c to 510.
Port of Tauranga closed unchanged on 460 after producing a flat profit result.
Hirequip's result was less well received. It fell 5 to 109. It's bottom line profit fell to $9.5m from $16.6m a year earlier. However, operating profit rose 28 per cent to $27m and it lifted its dividend.
Feltex held steady on 59c after the embattled carpet maker reported June year audited earnings after restructuring costs of $11.8 million. It said merger talkes were continuing with Godfrey Hirst.
Fisher & Paykel Appliances, unlike its namesake, had a rough session, falling 14c to 340. It told shareholders earlier in the weak that it was struggling in its home market, particularly Australia.
Air New Zealand, under the gun recently due to soaring fuel prices, recovered 4c today to 126.
Michael Hill recovered 6c to 731 from recently selling, while AMP fell 13c to 780 and Trustpower fell 7c to 612.
- NZPA
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