NZ stocks: Just Water debut steals attention from lacklustre market

6.50pm

Investors thirsty for action today switched their attention from the sharemarket's stalled main board to its alternative exchange where drinking water supplier Just Water enjoyed a spectacular debut.

By the 5pm close the main board's NZSX-50 gross index was 5.73 points lower at 2618.29, while the NZSX all capital index finished 1.36 points lower at 877.79.

Forsyth Barr broker David Price said today's session on the NZSX was more of the same from yesterday's muted session but without the overall gain.

"It's a follow on from yesterday, a relatively quiet day".

Across the board turnover was pretty light and the market appeared to be in holding pattern, he said.

Total turnover was worth $124.04 million, padded by $54.88 million turnover in market leader Telecom which lost a cent to 563. Overall, there were 49 falls and 45 rises among 146 stocks traded.

Fletcher Building was one very few top stocks to post a gain rising 2c to 434.

Meanwhile, on the stock exchange's smaller NZAX alternative market Just Water International proved to be a darling with investors, its shares trading at a 36 per cent premium within minutes of listing today.

The shares issued at 50c traded between 62 and 68 cents and closed at 66 cents on turnover of 1.88 million shares.

Greenslades broker Paul Valk said there was keen interest in the stock.

"There's been good-sized bids -- not just mum and dad investors -- most of the quotes are 20,000 to 50,000 shares."

An initial public offering (IPO) of 25 per cent of the company raised $8.25 million, the first IPO on the NZAX market.

At 66 cents, the listing capitalises JWI at $43.6 million, making it by far the biggest company on the NZAX.

Mr Price said Just Water was "yet another good debut for another new listing".

Back on the main board, Mr Price said another recent star listing Pumpkin Patch continued to enjoy investor attention, rising the best part of 3 per cent or 3c to 140. "Some fairly strong clothing or apparel numbers in yesterdays retail sales figures would have aided that rise", he said.

Elsewhere, shares in Richmond were rose 37c to 307.

Yesterday, Dunedin-based PPCS it would make a $3.11-a-share offer for the 37 per cent of Richmond it does not already own.

Owens Group today announced further asset sales with the sale of Seatrans New Zealand to ship's agency McKay Shipping.

Yesterday the group -- 80 per cent owned by Mainfreight and 12 per cent by Toll Holdings -- announced it planned to sell a range of Australasian assets to Sea Containers Australia Ltd (Seaco) for $12.5 million.

Owens Group shares remained untraded today, while Mainfreight was down a cent to 176.

Other stocks to move today included: Auckland International Airport down 3c to 667, Carter Holt Harvey was down 2c to 196, Feltex up a cent to 165, Fisher & Paykel Appliances down 5c to 448, Fisher & Paykel Healthcare down 8c to 1296, GRD down 8c to 185, Independent Newspapers up 2c to 482, Infratil up 3c to 290, , 4665 Michael Hill up 2c to 585, NZX up 10c to 850, Oceana Gold up 10c to 85, Sky City down 2c to 473, Sky TV down 5c to 520, Steel & Tube down 5c to 385, Telstra up 3c to 515, Toll NZ up 4c to 162, Tower down 2c to 164, T rustpower up 4c to 420 and The Warehouse down a cent to 425.

- NZPA