NZ stocks: Few stocks on the move in 'remarkably quiet' morning

There was hardly any movement on New Zealand Exchange's top 50 board this morning in what one broker called a "remarkably quiet" early session.

At 11.30am, the benchmark NZSX-50 was up 2.38 points at 2624.51, while the NZSX-All capital index was up 0.78 of a point at 879.90.

Market heavyweight Telecom was unchanged at 565.

The $6.9 million worth of Telecom shares equated to 22.4 per cent of the $30.7 million turnover on NZX so far today.

Another top 50 stock -- Carter Holt Harvey, unchanged on 197 -- had turnover of $8.2 million.

Hamilton Hindin Greene broker Grant Williamson said this morning's session was exceedingly quiet with the market's main board showing few stocks on the move.

There was little news to give the market a firm directional cue.

Contact Energy shares were up 1c at 589 after growing speculation that Edison Mission Energy will announce the sale of its 51 per cent share.

Australian Gas Light Co (AGL) is tipped as the top contender.

"There's a reasonable amount of interest in Contact Energy with that price creeping up again," Mr Williamson told NZPA today.

Shares in Toll Holdings were up 1c at 162 after Finance Minister Michael Cullen yesterday raised the spectre of legislating to enforce a deal that would see the Government buy the national rail network.

Dr Cullen told the finance select committee that talks were difficult and he would not allow Toll to gain a tax advantage from causing delays.

Meanwhile, market newcomer Just Water International was at 68c a share, a 36 per cent premium on its initial public offer price of 50c a share.

Just Water, which is listed on the New Zealand Alternative Exchange (NZAX), raised $8.25 million in its oversubscribed float.

"I think it's surprised a lot of brokers, Just Water, at how it's come on the market," Mr Williamson said.

"It's now got to prove itself... but the market is obviously confident that the company is going to do well."

Shares in Fisher & Paykel Healthcare were up 6c at 1300, while those in its sister company, F&P Appliances, were up 4c at 450.

Healthcare had "been doing quite nicely in recent times", especially going ex-dividend at 28c a share recently, Mr Williamson said.

Discount retailer The Warehouse was also down 1c at 426, while Hallenstein Glassons was up 4c at 304.

Other shares on the move included: Air NZ up 1c at 41, AMP down 3c at 645, Baycorp Advantage up 2c at 317, Hellaby down 4c at 501, NZX up 9c at 850, Steel & Tube up 4c at 393, and Promina up 5c at 430.

Among the 113 stocks traded were 39 rises and 16 falls.

Overseas, the Dow Jones dipped 0.85 of a point to 10,379.58, the S&P 500 rose 1.55 points to 1133.56, and the Nasdaq Composite gained 2.63 points to 1998.23.

- NZPA