NZ stocks: Market inches higher in morning trade

12.00pm

The New Zealand sharemarket inched higher in morning trade as investors look ahead to the Reserve Bank's monetary policy statement (MPS) later this week.

At 11.30am, the NZSX-50 was up 3.30 points at 2744.71.

Shares in Telecom were up 2c at 601, while those in Contact Energy were down 3c at 595.

Carter Holt Harvey shares were up 1c at 211.

Market turnover was $28.2 million, of which Telecom accounted for $10.2m.

The NZSX-All capital index was up 1.11 points at 923.85.

There were 40 rises and 19 falls among the 114 stocks traded.

ABN Amro Craigs broker Matt Willis said trade was quiet as the investors looked to the Reserve Bank's MPS on Thursday.

Reserve Bank governor Alan Bollard is expected to raise the official cash rate 25 basis points to 6.0 per cent.

"The market's just knocking along... The market is focusing on rising interest rates later this week," Mr Willis told NZPA today.

Today is the last day of PPCS' $3.11 a share takeover offer for Hawke's Bay meat firm Richmond.

However, South Island-based PPCS yesterday said it had increased its stake in Richmond to 97.03 per cent, enough to spark a compulsory acquisition of the remaining shares.

"That (takeover) looks to be done and dusted," Mr Willis said.

Shares in DB Breweries were unchanged at 940c after its majority shareholder, Asia Pacific Breweries, bid 950c a share for the 23 per cent it did not already own.

Among the few shares on the move this morning were: AMP down 16c at 671, Fisher & Paykel Healthcare up 5c at 1330, Fletcher Building down 4c at 486, Lion Nathan down 6c at 774, Ports of Auckland down 5c at 695, Promina up 4c at 427, Sanford up 8c at 468, and Toll NZ up 3c at 185.

Shares in Cabletalk were up 7c at 32 after the firm's annual meeting today.

Cabletalk said its ebitda and operating cashflows for the current year would exceed last year's.

Pumpkin Patch shares continued to do well, up 5c at 168.

On the alternative exchange, Solution Dynamics listed at a 30 cent premium.

Its shares opened at 130c at 11am, up from its 100c issue price.

- NZPA