The sharemarket started the week on a quiet note yesterday, mirroring the sleepy sentiment seen in overseas markets on Friday.
"It was a typical Monday," Credit Suisse First Boston dealer David Price said.
New Zealand was following overseas markets, where the volumes - especially in the US - were at year lows.
The
NZSE-40 closed flat, up by 0.16 of a point at 2087.57, on turnover worth $54.8 million.
The looming July 1 introduction of a new Takeovers Code continued to produce signs of corporate activity drip-feeding into the market .
Australian Gas Light yesterday emerged as the latest predator, issuing a restricted transfer notice under which it could bid for all of TrustPower at between $3.30 and $3.60 a share.
TrustPower jumped 15c to $3.50 as the four-way battle between AGL, Infratil, Alliant and the Tauranga Energy Consumers Trust for control of the company hotted up.
Little was happening in Montana yesterday despite Allied Domecq being free to bid at $5.05 under its latest restricted transfer notice.
Montana closed down 10c at $4.80, and Lion was down 1c at $4.85.
Brokers believe protagonists will stand off until the Stock Exchange surveillance panel committee decides on the legitimacy of Lion's February raid for a 23 per cent stake.
Last week's takeover target Richmond closed up 20c at $2.60.
The fortunes of a number of stocks were affected by the release of the influential Morgan Stanley Capital International (MSCI) share index over the weekend.
Five New Zealand stocks were winners while two lost out in the revised provisional MSCI index. (See C6)
JP Morgan head of equities John Rattray said that indications of the makeup of the new index had sent stocks such as Sky City and Tower up in the past few weeks.
Sky City closed down 10c at $10.00 after hitting a record high of $10.20 on Friday, and Tower reached a year high of $5.80 yesterday before settling to end up 4c at $5.76.
Rubicon closed up 2c at 56c after announcing it had sold its holding in Capstone Turbines.
An independent appraisal report into INL's bid to buy further shares in SkyTV has found that its offer, for between $3.30 and $3.60 a share, was not fair, Sky said after the market's close.
Air NZ B shares were up 1c at $1.35, while Baycorp was down 20c at $12.30.
Carter Holt closed down 2c at $1.78, Telecom was up 3c at $5.96 and Fisher & Paykel slipped 15c on light volume to $9.30.
Contact Energy fell 6c to $2.93 as it went ex its 5cps dividend and before today's bid by cornerstone shareholder Edison Mission's for 8.5 per cent of the company for between $2.90 and $3.25.
Trans Tasman Properties closed down 2c at 22c after shareholders rejected a proposal to exchange their shares for secured bonds.
- NZPA
The sharemarket started the week on a quiet note yesterday, mirroring the sleepy sentiment seen in overseas markets on Friday.
"It was a typical Monday," Credit Suisse First Boston dealer David Price said.
New Zealand was following overseas markets, where the volumes - especially in the US - were at year lows.
The
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