12.30 pm
A fall on Baycorp's share price after an Australian media report that its merger talks had failed was the only notable excitement on the share market this morning.
Commentators noted the market appeared to be "stuck in a rut," with little on the horizon to influence it either domestically or
globally.
The NZSE-40 capital index was 0.15 per cent down at opening time but by late morning the position had reversed itself, gaining 3.13 points or 2052.83, a rise of 0.15 per cent.
Turnover, which opened at a sluggish 4.63 million, rose to 11.3 million valued at $19.5 million. The top performer by value was Telecom with $5.2 million worth shares.
Today's quiet start to trading reflected a "globally moribund" situation, according to John Rattray of J P Morgan Chase.
"I guess the summer recess is probably at its height in the Northern Hemisphere, so that's an issue."
However, New Zealand was likely to feel the effects of Wall Street this week, when around 1600 companies reported their second quarter earnings this week.
Domestically, there was a 30c fall in Baycorp's price TO 1200 after the Australian Financial Review this morning speculated that its proposed merger with Data Advantage was dead.
TrustPower rose 13c to 340 after ABN Amro switched its recommendation to a "buy" from a "sell" and said the power company would become a takeover target.
Despite a drop in its first half profit, there was no change at all for Restaurants Brands' share price, at 155. The company today announced a net profit of $6 million, a fall of $1.4 million compared to the same period last year, but traders said it was in line with expectations.
In New Zealand, UnitedNetworks was down 10 cents this morning and Natural Gas's shares dropped one cent, after an independent report claimed gas consumers had been paying about $60 million a year too much.
The report said the beneficiaries had been Natural Gas Corporation and the Auckland and Wellington gas-distribution business formerly owned by Enerco and then Orion, and now part of UnitedNetworks, who have about 90 percent of the industry between them.
In contrast, gas and powerlines company Powerco rose 2c to 192.
There were 28 rises and 37 falls among the 110 stocks traded so far.
- NZPA
