NZ stocks: Shares little changed

The New Zealand share market recovered ground lost early in the session to close flat today.

The benchmark NZSX-50 index closed up 0.829 points, or 0.032 per cent, at 2600.646, having been down 7.51 points in early trading.

With equity markets in Asia weak in the wake of a fall in US stocks on weak retail sales data, today was never likely to be a stellar one on the local share market.

"The market picked up and has performed pretty well," said Stephen Wright at ASB Securities.

Turnover was worth $96 million, of which $31m was traded in Telecom and $22.4m in Fletcher Building.

There were 38 rises and 22 falls among the 95 shares traded.

Nuplex rose 4c to 35 on the last day of trading of rights in its large rights issue. The rights closed at 10.5c today. The right is to buy shares at 23c each.

"There's been good interest in trading the rights," Mr Wright said.

Over the period more than 10 per cent of the rights have changed hands and the discount to the ordinary share price has closed up. The controversial issue is underwritten.

Among other features, Contact Energy fell 15c to 547 and Sanford fell 20c to 545. Tourism Holdings eased 1c to 49 and Restaurant Brands eased 2c to 88. Vector rose 7c to 220.

Fletcher Building eased 2c to 650.

Market leader Telecom was up 1c to 238.

Hellaby rose 5c to 53 and SkyCity rose 8c to 289. Tower rose 2c to 128 and The Warehouse rose 1c to 342.

Air NZ rose 2c to 100 as after negotiations with 250 cabin staff employed by subsidiary Zeal came to an abrupt end when the union walked out of negotiations.

PGG Wrightson rose 4c to 120 as major shareholder RPI Investments filed notices relating to the funding of a redemption of preference shares.

US stocks fell on Tuesday after a bigger than expected drop in retail sales dented hopes about a recovery in the US economy.

The financial sector, which had recently led the stock market's five-week rebound from 12-year lows, took the biggest beating.

The Dow Jones industrial average dropped 137.63 points, or 1.71 per cent, to 7920.18. The Standard & Poor's 500 Index fell 17.23 points, or 2.01 per cent, to 841.50. The Nasdaq Composite Index declined 27.59 points, or 1.67 per cent, to 1625.72.

- NZPA