NZ stocks: Market moves little despite Wall St gains

12.00pm

The New Zealand top-50 index bobbed slightly around its opening level today, getting no direction from market leader Telecom.

By late morning the NZSX-50 gross index was up 2.28 points, or 0.10 per cent, at 2218.93, while the top-40 index was up 0.09 per cent at 2141.29.

Turnover of 7.81 million stocks was valued at $31.23 million, topped in volume by Air New Zealand's 1.52 million stocks.

On Wall St the blue-chip Dow Jones industrial average closed up 82.95 points, or 0.87 per cent, at 9586.29; the broader Standard & Poor's 500 Index rose 10.25 points, or 1 per cent, to 1031.64; and the Nasdaq Composite Index closed up 30.38 points, or 1.63 per cent, at a 1-1/2 year high of 1888.62.

Stephen Wright of ASB Securities said the New Zealand market was quiet today, but steady.

"The market is struggling to get better and will finish higher still, but some (stocks) are up, some are down -- the usual story."

Mr Wright said there did not seem enough offshore buying to boost the local market after Wall St's good performance overnight.

Telecom was down 2c at 509, while No 2 stock Carter Holt Harvey gained 1c to 168 and casino company Sky City bounced 12c to 887.

Air New Zealand was unchanged at 60, holding on to last week's gains, ahead of the Australian competition watchdog's surprise announcement on the proposed alliance with Qantas today.

The Australian Competition and Consumer Commission had been expected to delay its pronouncement on the airlines' planned tie-up until after the Commerce Commission made its decision later this month.

Independent Newspapers Ltd gained 5c at 441 after new owner of its New Zealand newspaper assets, Fairfax Holdings, reported a bumper annual profit and a good outlook for its papers on this side of the Tasman.

AMP lost 5c to 740 after its shares slumped yesterday on concerns the financial services group needed another capital injection, believed to be a A$1.2 billion ($1.4 billion) rights issue.

Newly-listed clothing retailer Postie Plus lost 1c to 121, while fellow fashion stock Hallenstein Glasson was down 5c at 295, Fisher & Paykel Appliances lost 3c to 1447, Guinness Peat Group was down 1c at 166, and Restaurant Brands lost 1c to 133.

Contact Energy was up 2c at 479, F&P Healthcare rose 4c to 1210, Fletcher Building gained 1c to 413, and Auckland Airport was up 2c at 642.

There were 30 falls and 23 rises on the 113 stocks traded.

- NZPA