F&P Appliances gain 10% after profit result

Friday 27th May 2011

Shares in Fisher & Paykel Appliances rose 10% in early trading on the New Zealand sharemarket.

Shortly after the market opened Appliances shares (NZX: FPA ) were up 5.5c to 61, after the company reported full year net profit of $33.5 million, following a loss of $83.3 million a year earlier.

Tower (NZX: TWR ) shares rose 2c to $1.81 after the insurer and fund manager reported half year net profit down 54% to $12.8 million, hit by the Christchurch earthquakes and global investment market changes. The company called the result "pleasing".

Around 10.15am the benchmark NZX-50 index was up 4.22 points to 3531.81, after yesterday losing 26.8 points as profit taking emerged in many leading stocks.

Mainfreight (NZX: MFT ) shares were up 12c to a new record $9.56. Yesterday they had gained 18c after reporting a hike in full-year net profit before non-recurring expenses to a record $47.2 million from $38.3 million the year before.

Restaurant Brands (NZX: RBD ) rose 5c to $2.66, Fletcher Building (NZX: FBU ) added 5c to $8.86, Kathmandu (NZX: KMD ) was up 3c to $2.30, and Abano Healthcare (NZX: ABA ) lifted 3c to $4.70.

Telecom (NZX: TEL ) lost 4c early to $2.39, as profit taking continued to afflict the stock which had traded as high as $2.54.5 following Tuesday's announcement it had the major share of the Government's ultrafast broadband initiative.

Contact Energy (NZX: CEN ) lost 4c to $5.90, while OceanaGold (NZX: OGC ) dropped 7c to $3.23.

In the US stocks rose for a second day in a choppy session, with technology and consumer discretionary stocks leading the way after upbeat earnings.

The market's ability to sustain an advance ebbed and flowed with developments in the foreign-exchange market and fears over Europe's sovereign debt crisis.

The Dow Jones industrial average edged up 0.1% to 12,402.76, the Standard & Poor's 500 Index gained 0.4% to 1325.69, and the Nasdaq Composite Index rose 0.8% to 2782.92.

NZPA

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