NZ stocks: All eyes on NZX on the stock market

6.00pm

All eyes were on the performance of the just listed NZX, formerly the New Zealand stock exchange, a broker said.

After listing this morning, NZX's shares closed at 420c after trading a volume of 496,266 valued at $2.1 million.

That was higher than NZX's own guidance of a range between 250c and 325c, and also higher than their informal trading levels.

The shares opened at 420c, and the company's rights were at 270c.

JB Were broker Rob Josephson said all eyes had been on NZX's performance during the day.

"There's an IPO coming up and there are price parameters there but obviously there are willing buyers of the shares," he told NZPA today.

"Generally listings of stock exchanges have done very well but one has to look at each individual case."

NZX intends to raise $15 million after it lists -- $10 million of which would come from the issue of new shares, and $5 million from existing shareholders.

By late afternoon the benchmark NZSX-50 gross index was down 6.31 points, or 0.30 per cent, at 2083.32. The NZSX 40 capital index fell 3.77 points, or 0.18 per cent, closing at 2049.25.

Turnover was moderate, with 26.5 million stocks worth $77.7 million chaning hands.

Market heavyweight Telecom featured prominently in trading, 5.7 million of its shares worth $28.9 million moving by 4.30pm. At closing, its shares had shed 9c to 507c.

Also on the slip, Sky City dropped 8c to 857, Fisher and Paykel Appliances fell 14c to 1216c, and Sky TV lost 15c to 448c.

"Sky TV's been going gangbusters for the last while, it's had a reasonable run but I don't think there's anything sinister behind the drop in its share value," Mr Josephson said.

On the climb were, ANZ Banking Group up 40c to 2140c, Fisher and Paykel Healthcare up 15c to 1125c, Michael Hill up 6c to 450c, Port of Auckland up 15c to 710c, Waste Management NZ up 10c to 350c, and AMP up 12c to 572c.

Tranz Rail was down 1c at 80c after Toll formally served its 75c per share takeover offer to the rail company today.

There were 51 rises and 36 falls on the 132 stocks traded.

On Wall St, the Dow Jones industrial average finished up 25.14 points, or 0.28 per cent, at 8922.95, its highest close since late August; the Standard & Poor's 500 Index added 4.56 points, or 0.47 per cent, to 971.56, its highest close since July 8; and the Nasdaq Composite Index gained 12.81 points, or 0.81 per cent, to 1603.56.

- NZPA