NZ Stocks: Market steady as Auckland int'l airport lifts forecast

12.00pm

The sharemarket traded on steady volume throughout the morning and both major indexes were hovering around their closing levels last night.

At 11.30am, the benchmark NZSX-50 index was down 0.28 points at 2333.35, while the NZSX-40 capital index was up 3.38 points at 2222.00 its highest level since May 13, 1999.

So far the market has seen $25.6 million worth of shares traded on volume of 7.3 million.

Among the 103 stocks traded were 36 rises and 18 falls.

Market heavyweight Telecom was down 3c at 501, having traded $12 million worth on volume of 2.4 million.

Shares in Auckland International Airport were up 1c at 685 after the company today said record passenger volumes this summer would see its profit this year comfortably exceed last year's.

Airport chairman Wayne Boyd said analysts predicted the company would post a June year operating surplus of $86-$88 million, up on last year's $76.8 million.

Greenslades broker Paul Valk said the airport's announcement was the salient point in what was a steady day on New Zealand Exchange.

"I suggest that result has been pretty well built into their price, which is close to an all-time high," Mr Valk told NZPA today.

He thought the airport's shares were close to their valuation and "there's certainly no rushing out and buying it so far."

In other market news, shares in fast food operator Restaurant Brands slipped 5c to 115 after yesterday issuing a $2 million profit downgrade.

Restaurant Brands' shares were issued in 1997 at 220 each.

The company, which operates the KFC, Pizza Hut and Starbucks brands in New Zealand, blamed the downgrade on its fried chicken chain.

Carter Holt Harvey stocks were unchanged on 187 after yesterday gaining 6c when it said it was reviewing its tissue business amid market speculation it will sell the unit.

Shares on the rise today included: Air NZ up 1c at 47, ANZ Bank up 18c at 1880, Briscoe Group up 2c at 176, Cavalier up 3c at 558, DB Breweries up 5c at 795, Dorchester up 10c at 230, Fisher & Paykel Healtchcare up 5c at 1185, Lion Nathan up 14c at 665, Sky City up 3c at 476, and The Warehouse up 4c at 579.

Among those on the slide were: Baycorp Advantage down 2c at 273, F&P Appliances down 1c at 375, Genesis down 3c at 111, Steel & Tube down 4c at 375, and Urbus down 1c at 90.

Overseas, the Dow Jones industrial average was down 74.07 points at 9636.76, the broader Standard & Poor's 500 Index was down 7.1 points at 1036.53, and the Nasdaq Composite Index was down 18.58 points at 1891.03.

- NZPA