NZ stocks: Market closes marginally higher in lacklustre session

The sharemarket's two main indices inched higher today in a lacklustre session with little corporate news to drive investors, a broker said today.

At 5pm, the benchmark NZSX-50 was up 1.19 points at 2693.40, while the NZSX-All capital index was up 0.45 of a point at 903.99.

Turnover was $96.8 million and among the 155 stocks traded were 48 rises and 53 falls.

Greenslades broker Paul Valk said top stocks Telecom, Contact Energy, and Carter Holt Harvey (CHH) failed to provide firm direction for the market.

"It's just been a quiet day with very little corporate news about," he told NZPA today, noting the market had been quite busy earlier in the week.

Shares in Telecom were unchanged on 585c on turnover of $45.3m.

Contact shares were down 1c at 586, while those in CHH were down 2c at 206.

CHH today sent shareholders notice of a July 22 special meeting seeking approval for its $480 million capital return plan.

The money would be paid out on a pro rata basis by way of cancellation of one quarter of the shares held by each shareholder, resulting in a payment of 27.5 cents per share.

Late today, CHH said it had bought Chinese panels business Plantation Timber Products for an undisclosed sum.

Meanwhile, Nuplex Industries today said its Chinese unit -- Nuplex Resins (Foshan) -- had started producing resin goods from its factory in provincial Guangdong. Nuplex shares were up 5c at 530.

"It's a good company, Nuplex, they should do well over there (in China)," Mr Valk said.

Late in the session, rural services firm Wrightson said it had reached an "amicable" agreement with managing director Allan Freeth over his departure. Wrightson shares were unchanged on 140c.

Exchange operator NZX said the sharemarket had gained 20 per cent in value in the year to June 30, bolstered by new listings and a bull market.

NZX said total market capitalisation topped $60 billion from $50 billion in June 2003. Its shares were down 5c at 860.

Shares in Toll Holdings were up 5c at 170, after rising 5c yesterday following a deal with the Government to put the rail network back in public ownership.

Other shares on the move included: Air NZ up 1c at 41, AMP down 4c at 688, Ebos up 5c at 375, Fisher & Paykel Healthcare up 10c at 1308, Lion Nathan up 8c at 746, Promina up 10c at 450, Designer Textiles up 7c at 100, and The Warehouse down 4c at 421.

Overseas, the Dow Jones was down 101.32 points at 10,334.16, the Standard & Poor's 500 was down 11.86 points at 1128.98, and the Nasdaq Composite slid 32.24 points to 2015.55.

- NZPA