NZ stocks: Market down a touch on profit-taking

The New Zealand sharemarket was a touch lower on profit-taking at midday.

Forsyth Barr broker David Price said the market was trading relatively lightly.

Early market turnover was quiet with 14 million shares traded, valued at $42.6m, of which Carter Holt Harvey dominated with 3.3m shares sold.

The benchmark NZSX-50 gross index, which on Tuesday hit a new high above 3400, was down 11.141 points on 3354.39. The NZSX-All capital index fell 2.855 points to 1052.65.

Shares in Auckland International Airport were down 6c to 212 after yesterday reporting a June-year net profit of $105.6m.

Forsyth Barr has since reduced its valuation of the company's share price from 220 to 206.

The airport declared a 4.45cps imputed dividend, up 2.9 per cent on last year.

New Zealand Refining Ltd, whose share register is dominated by the big petrol retailers Mobil, BP, Shell, and Caltex, was up $5 to $59 after it yesterday reported an after-tax profit of $62 million for the six months to June 30.

Wood processing and biotech investment company Rubicon recovered a cent after falling 4c yesterday. It was at 111c at midday after reporting a net loss of $8 million for the 15 months to June 2005 on Wednesday.

The loss includes earnings from US forestry company joint venture ArborGen, forest nursery business Horizon 2, and Tenon -- which Rubicon acquired 50.01 per cent of in June last year.

Infratril stock was down 7c to 789. "(It's) had a rough day on the back of their purchase of Kent airport," Mr Price said.

The company yesterday bought the British airport for £17 million ($44.43 million) from administrators.

Shares in produce company Turners & Growers were flat on 198 after reporting unaudited profit before tax for the six months to June of $6 million yesterday, down $2m on its 2004 first half result.

Of the other companies posting results on Wednesday, Port of Tauranga was up 3c at 451 after it produced a flat profit, and Hirequip was down 1c on 106.

The company'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.

Fisher & Paykel Appliances recovered a cent to 333 after falling 8c yesterday. It told shareholders earlier in the week it was struggling in its home market, particularly Australia.

Fisher & Paykel Healthcare was down 2c to 363. Market leader Telecom was down 1c to 626.

The Warehouse was flat on 378 -- as speculation on 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.

Elsewhere, Carter Holt Harvey was flat on 254, Fletcher Building fell 3c to 758, Steel & Tube was down 10c at $5, as was Nuplex, down 5c to 464.

In all, there were 30 stocks up and 40 down among the 115 traded.

- NZPA