Investors rewarded insurer Tower for an upbeat profit report and punished Fisher&Paykel Appliances for disappointing them today but overall the market was flat.The benchmark NZX-50 index closed down 0.421 points, or 0.013 percent, at 3264.245.Tower cl
Investors rewarded insurer Tower for an upbeat profit report and punished Fisher&Paykel Appliances for disappointing them today but overall the market was flat.
The benchmark NZX-50 index closed down 0.421 points, or 0.013 percent, at 3264.245.
Tower closed up 8c at 199, the high of the session, after reporting a 16 percent rise in net profit to $58.1 million for the year to the end of September, reflecting strong management of overhead expenses, together with improved investment returns.
While Fisher&Paykel Appliances slumped to a two and a half month low of 52 before closing down 4c, or 6.67 percent, at 56 on high turnover.
The appliance maker lowered its expected full year earnings forecast and said that conditions remain challenging.
The Warehouse Group, New Zealand's largest retailer, also told shareholders today that trading conditions remain difficult in the short term but its share price rose 2c to 375 on thin volume.
Pike River Coal shares remained suspended on a day a third blast was recorded at its coal mine where 29 workers died. NZOG shares eased 2c to 92 on good volume and investors are wondering how far NZOG will go in providing new funding to Pike.
Bathurst Resources, which wants to develop a coal mine on the West Coast, started trading on the NZSX today though it already trades on the ASX. There was one trade at 74.3c.
Retailer Hallenstein Glasson fell 18c to 442 but was trading ex a 17c a share dividend.
Fletcher Building eased 6c to 804, while Telecom rose a cent to 216 as investors continued to wait for news of the Government's broadband plans.
Infratil rose a cent to 187 on a day it signalled a new bond sale.
Mainfreight rose 8c to 735, Contact Energy rose 6c to 593 and Goodman Fielder rose 3c to 178.
Allied Farmers shares were worth 2.1c as its battle with Hanover appeared to be headed to court.
Markets in the United States were closed for the Thanksgiving holiday, while European stocks mostly rose, buoyed by positive US economic data and statements by German Chancellor Angela Merkel seeking to ease tensions on markets anxious over eurozone debt strains.
