Little change in NZ markets

The New Zealand share market was little changed on light volume today as trends in the leading stocks countered each other.

Telecom, the largest stock, rose 9c to 263, but the second and third largest stocks were down. Fletcher Building eased 13c to 614 and Contact eased 10c to 560.

The net result was a marginally weaker index, said Barry Lindsay, research manager at First NZ Capital.

The benchmark NZSX-50 index closed down 4.09 points, or 0.154 per cent, at 2658.849. Turnover was worth $71.36 million.

Overall there were 24 rises and 46 falls among the 102 stocks traded.

The market looks set to lose another listing with news out of Australia that Japanese brewer Kirin wants to buy the shares it does not already own in Lion Nathan.

Lion Nathan, which employs 1400 New Zealanders and has half the market here, shifted its domicle and primary listing to Australia in 2000. Douglas Myers sold Lion Nathan to Kirin in 1998.

Casino operator Sky City was eased 3c to 276, having lost 6c yesterday after reporting it had raised $185.3 million by selling shares at 261 each in an institutional placement.

Fisher & Paykel Appliances rose 2c to 46 after telling the market today that it continues to discuss refinancing arrangements with its banks.

Nuplex was down 3c to 33. SkyTV fell 11c to 395 and Steel & Tube eased 5c to 250. NZOG fell 1c to 135 and Ebos fell 5c to 480.

NZX fell 21c to 665 and Vector eased 4c to 215. The Warehouse eased 4c to 345. Cavalier eased 5c to 165 and Cavotec eased 15c to 320. Lyttelton Port eased 16c to 225 and Mainfreight eased 5c to 425.

Mr Lindsay said that the stock market was struggling in the current environment and ultimately the driver would be company earnings.

"It is a battle every day between bulls and bears," he said.

The Japanese and Australian markets were up today but the Dow and S&P fell on Wednesday after Morgan Stanley revived concerns about the banking sector.

Morgan Stanley slid 9 per cent after it posted its third loss in six quarters on real estate losses and a charge wiped out fees and trading profits. "The financial sector is still heavily influencing the tone and direction of this market," said Keith Wirtz, president and chief investment officer of Fifth Third Asset Management in Cincinnati.

The Dow Jones industrial average dropped 82.99 points, or 1.04 per cent, to 7886.57. The Standard & Poor's 500 Index slid 6.53 points, or 0.77 per cent, to 843.55. The Nasdaq Composite Index gained 2.27 points, or 0.14 per cent, to 1646.12.

- NZPA