NZ stocks: Market eases in featureless trading

12.00 pm

The sharemarket eased a little in featureless morning trade today.

The NZSE-40 capital index was down 10.74 points to 2069.39 at 11.30am on volume worth $30 million. Volume was boosted by two large lines of Australian stocks ANZ Bank and BHP Biliton.

Market leader Telecom was down 5c at 500 while its Australian counterpart, Telstra fell 7c to 650.

The two Fisher and Paykel stocks were up initially up but then turned down. Appliances was off 20c at 925 and Healthcare 25c to 1005.

Electric motor company Wellington Drive Technologies dived 30 per cent -- 7c to 19 cents -- after it said yesterday it the lack of large licensee fee payments meant the company needed to raise additional capital and was currently in discussions with several parties. The stock lost 16 per cent of its value yesterday.

Shotover Jet was untraded at 44c after it recovered from several difficult years, posting a 52 per cent increase in half-year profit.

The tourism operator, known for its Queenstown jet boat rides, posted a before-tax operating profit $882,000 for the six months to December, up from $580,000 in the previous corresponding period.

Baycorp Advantage was down 7c to 655 shortly before its result.

Other movers included AMP, down 24c to 2311, DB Group down 5c to 605, GDC down 10c to 170, The Warehouse, down 5c to 650 and Westpac NZ down 15c to 1810.

There were 15 rises and 38 falls among the 99 stocks traded.

- NZPA