12:00 pm
The sharemarket was holding most of its gains in early business today after a strong 1.6 per cent lift yesterday.
However, it was quiet on market. Off market trades boosted turnover to $23 million in the first 35 minutes, which by mid-morning was 12.08 million stocks valued at $43.96
million.
The NZSE-40 capital index was off 1.19 points to 2039.24 about 11.30am.
CS First Boston broker David Price said that on the face of it the market was holding up well given the Dow's drop of 112 points, or 1.1 per cent, on Wall Street and yesterday's strength.
He said the market was supported by a portfolio purchase yesterday.
Stock of the moment, Fisher & Paykel Healthcare, was down 35c to 1825 after showing weakness in the US. It jumped 6 per cent, or 110c, yesterday on aggressive buying out of Australia. It topped the turnover today with 943,000 shares traded, worth $17.5 million.
Fisher & Paykel Appliances was down 5c at 925.
Air New Zealand A and B shares both fell, the As down 2c at 35c and the Bs down 1c at 38c. Mr Price said despite yesterday's agreement on the rescue package, including a $150 million standby facility, it was clear the company was not yet out of the woods. His firm's valuation on the airline is less than half the current price.
Telecom fell back 3c to 482, following its 12c gain yesterday.
Elsewhere, The Warehouse was up 8c at 658, Advantage was up 3c to 57, AMP was up 14c to 2360, Carter Holt Harvey was down 1c to 166, Auckland Airport was up 2c to 372, Fletcher Building was up 4c to 280, Genesis was up 10c to 310, Independent Newspapers was down 4c to 365 and Richmond was up 15c to 255.
Westpac NZ was down 10c to 1810 despite the company's efforts to bring the New Zealand class share into line with the head share.
There were 29 rises and 35 falls among the 112 stocks traded.
On Wall Street, the Dow Jones industrial average fell 110.15 points, or 1.10 per cent, to end at 9872.60; the Nasdaq Composite Index shed 5.26 points, or 0.27 per cent, to 1935.97; and the broad Standard & Poor's 500 Index was off 7.92 points, or 0.68 per cent, at 1149.50.
- NZPA
