12.00pm
The New Zealand sharemarket was slightly weaker in slow trade this morning, with only negative direction evident from offshore.
By late morning the benchmark NZSX-50 gross index was down 0.32 per cent, or 7.06 points, at 2174.47, while the top-40 capital index was down 0.26 per cent at 2112.69.
The NZSX-50's weakness
today compounded its 1.4 per cent loss in value last week after a roaring start on Monday.
Wall St was closed late last week to mark Independence Day, while London's FTSE-100 ended Friday down 3.3 points at 4021.5 -- around 1 per cent below where it started the week.
Ken Allen of Direct Broking said there were few bright spots in the quiet session so far.
Tranz Rail was unchanged at 96 after the rail operator told shareholders today not to accept the 95c per share offer from Australia's Toll Holdings, unless certain conditions are waived.
That was despite the offer's assessment as fair by independent valuers Grant Samuel & Associates.
Shares in Tower reversed an early fall to trade up 4c at 157, after news this morning the stock exchange has given Guinness Peat Group the go ahead to underwrite Tower's $211 million rights issue.
The exchange's market surveillance panel has granted GPG, a 9.9 per cent shareholder in Tower, a waiver from its listing rule requiring shareholder approval for a related party transaction.
"The exchange has allowed (Tower) to open, the exchange is happy with what's been presented to the market, the market's fully informed," Mr Allen said.
GPG was up 1c at 158.
Elsewhere on the market, leader Telecom fell 2c to 511, Contact Energy was down 5c at 490, Carter Holt Harvey fell 2c to 175, The Warehouse was down 1c at 492, Fisher & Paykel Healthcare lost 5c to 1195, and casino company Sky City lost 10c to 923 on light turnover of 8202 shares.
Auckland International Airport rose 1c to 601, retail group Hallenstein Glasson rose 2c to 287, rural services company Wrightson Group gained 1c to 122, and Powerco gained 1c to 170.
Shares in New Zealand Exchange, or NZX, lifted 5c to 455 after the exchange said today its initial public offering closed oversubscribed on Friday with strong demand from investors.
Investors stand to make big gains as the shares were issued at 360 each.
There were 28 falls and 27 rises on the 96 stocks traded. Light turnover of 5.37 million stocks was valued at $15.91 million.
- NZPA
