NZ stocks: Massive trade in AIA dominates trade on NZX

12.10pm

Trading in Auckland International Airport (AIA) was the salient point in lacklustre trade on the New Zealand sharemarket this morning, a broker said.

At 11.30am, the benchmark NZSX-50 index was down 5.40 points at 2728.42. The NZSX-All capital index was down 2.02 points at 910.23.

Turnover was $200.8 million, and there were 27 rises and 32 falls among the 114 stocks traded.

Hamilton Hindin Greene broker Grant Williamson said a massive volume of AIA shares had changed hands this morning.

AIA shares were down 14c at 713 on turnover of $157.4m.

"A very large special cross was done this morning in Auckland Airport," Mr Williamson told NZPA today.

"It was a placement of shares that crossed at the 695c mark, of course that's brought a bit of selling in the stock."

ABN Amro Craigs broker Matt Willis said broking firm Goldman Sachs JB Were had "crossed up" 22.2 million AIA shares, passing them on to its clients.

"Apparently Colonial First State sold half of their stake (in AIA), which was 15 per cent," he said, adding there had been "some arbitraging going on".

Telecom shares were down 2c at 569 on turnover of $23.6m.

Mr Williamson said there was little other news of note to fire trading on NZX.

Hellaby Holdings was up 2c at 572.

"It's a rather unusual investment company in that it's such a mixed bag of business that they own," Mr Williamson said.

"They're continuing to power ahead... (and are) one of the better performers on the market," he said.

Shares in Sky City Entertainment were unchanged at 430c, having touched 424c in morning trade.

Other stocks on the move included: Briscoe Group down 1c at 144, Ebos down 5c at 390, Hallenstein Glassons down 5c at 345, Michael Hill International up 5c at 675, Sanford up 5c at 435, and Toll NZ down 4c at 231.

- NZPA