NZ stocks: Market edges up on light turnover

The sharemarket edged up today on light trading, with ex-dividend stocks among the day's main movers.

The benchmark NZSX-50 gross index closed 4.93 points or 0.2 per cent higher at 2478.13, while the NZX-40 capital index was up 4.24 points or 0.19 per cent higher at 2267.81.

Market leader Telecom finished unchanged at 564 on turnover of $15.4 million.

The market's total turnover was worth just $53.9 million, with 57 rises and 37 falls in the 140 stocks traded.

ASB Securities broker Stephen Wright said movements by stocks which went ex-dividend were pretty much in line with expectations.

Cavalier Corp, which paid 8 cents per share, was down 5c to 500, Ports of Auckland -- 15 cps, was down 13c to 705, Port of Tauranga -- 7 cps, was unchanged at 449, Property for Industry -- 1.73 cps, was also unchanged at 92 cents, and Steel and Tube Holdings -- 12 cps, was down 10c at 383.

Fisher & Paykel Appliances was up 7c at 400.

Mr Wright said the stock was probably strengthening in the lead-up to the payment of a special 21c dividend on March 19.

Contact Energy slipped 1c to 518c. The company announced this morning it was forming an $80 million natural gas exploration fund with state-owned Mighty River Power Ltd.

Contact had been enjoying a series of gains in recent sessions, fuelled by rumours that AGL is interested in purchasing Edison Mission Energy's 51 per cent stake in Contact.

Discount retailer The Warehouse continued to recover from the selloff which accompanied its disappointing result two Fridays ago.

The stock rose 3c to 442c.

Waste Management was also up, rising 3c to 420c.

Michael Hill Jeweller edged up 1c to 511c. It was today reported the company might consider moving its headquarters from Whangarei to Auckland.

Forestry stock Carter Holt Harvey edged up 3c to 205c.

Other stocks on the move included: Auckland International Airport down 9c at 653c, F&P Healthcare down 9c at 1165, Lion Nathan down 10c at 665, Nuplex up 7c at 455c, Richmond down 4c at 251c, Trust Power down 5c at 685c, Turners Auctions up 5c at 406, Wrightsons up 3c at 122c and the stock exchange operator, NZX up 38c at 788c.

- NZPA