NZ stocks: Market flat in morning trade

12.00pm

Shares on the New Zealand stock marked time in mixed morning trade today.

By 11.30am the NZSX-50 gross index was 3.5 points or 0.15 per cent higher at 2296.86, while the NZSX-40 capital index was 1 point or 0.05 per cent higher at 2197.10. Turnover was a relatively light $20 million.

Amro Craigs Equities retail adviser Bryon Burke said the market was mixed but marginally positive with lead stocks Telecom and Carter Holt Harvey showing a little movement. By 11.30am both stocks were unchanged.

Mr Burke said Auckland International Airport, which went ex-dividend today at 12.5 cents per share, now had a theoretical price of 630. At 11.30am it was trading at 641 cents, up a few cents on its theoretical price but down 7c on Friday's close.

Michael Hill and Lytellton Port both also went ex-dividend today, at 10cps and 7.25cps respectively. By 11.30am Michael Hill was 56c lower at 438 and Lytellton Port was 8c lower at 194.

Fisher & Paykel Appliances was up 5c to 1485 by 11.30am. On Friday it was announced the company was to buy the Farmers Ltd businesses from Australia's Foodland in partnership with jewellery retailer Pascoes.

Mr Burke said he was surprised Fisher & Paykel Appliances didn't move up faster after the announcement. He said it was likely to take some time before the company saw any benefits from the acquisition.

Tranz Rail shares were up 2c to 112 this morning, 2c above Toll's bid of 110c which on Friday was made unconditional.

Toll said at the time it had 85 per cent acceptance for the bid but it has now extended the offer by another 30 days to try and snare at least another 5 per cent, enough to trigger compulsory acquisition of the remaining shares.

"Obviously Toll are a little bit disappointed but committed to the company", Mr Burke said.

Meanwhile, Friday's session on overseas markets saw the US Dow Jones dip 5.33 points to 9674.68 as many traders took the day off, and those who were at work sifted through the first few quarterly earnings scorecards for fresh clues to corporate America's health while looking ahead to next week's full flood of company reports.

In London, the UK's FTSE 100 share index closed 2.9 points lower at 4311.0 lower, backing off from three-week trading highs.

German and French stocks ended lower but Japan's Nikkei average ended 2.42 per cent higher at 10,786.04 as investors bought recently sluggish tech shares and sent bank shares soaring.

Back on the New Zealand market this morning, stocks to move in early trade included: Briscoe Group down 3c to 195, Cavalier Corp down 5c to 525, Contact Energy up a cent to 500, Fisher & Paykel Healthcare down 3c to 1265, Freightways down 3c to 176, NGC Holdings up 3c to 168, Port of Tauranga up 4c to 429, Sky City down 2c to 864, and Sky TV up 3c to 485 .

There were 25 rises and 29 falls among 114 stocks traded by 11.30am.

- NZPA