NZ stocks: Market directionless in morning trade

12.00pm

The New Zealand sharemarket's benchmark index was directionless in morning trade after yesterday's slightly softer tone.

At 11.30am, the benchmark NZSX-50 index was unchanged at 2747.05, while the NZSX all capital index was up 0.78 of a point at 916.21.

Market leader Telecom was unchanged at 572 in mixed early trade, while Contact Energy was up 1c at 589.

Other top stocks on the move included Auckland International Airport down 4c to 729, Sky City Entertainment up 7c to 450, Sky TV down 2c to 532, and Trustpower down 4c to 475.

Singapore-based BIL International Ltd was down 2c to 88.

ABN Amro Craigs retail advisor Bryon Burke said trade was slight on NZX today, with the market struggling to find direction.

"We might see some liquidity when the Australian and Asian markets open," he told NZPA today.

There were few stories of note at present, Mr Burke said, adding the reporting season had almost drawn to a close.

Carter Holt Harvey was down 4c at 235, largely because of softer prices for pulp.

Hellaby Holdings was up 7c at 565, the market taking confidence in its recent result, Mr Burke said.

Fisher & Paykel Healthcare continued its recent string of rises and was up 6c at 1361 at 11.30am.

Total turnover was worth $31.7 million and there were 29 rises and 28 falls among 115 stocks traded.

Other stocks on the move included: Air NZ up 1c at 193, Cabletalk up 2c at 40, Ebos down 1c at 388, Fletcher Building up 4c at 517, NZ Oil & Gas down 2c at 76, and Ryman Healthcare up 7c at 320.

- NZPA