NZ stocks: NZX boards slip lower

12.00pm

The New Zealand sharemarket turned in a mixed performance this morning as DB Breweries became the target of a takeover by its majority shareholder.

At 11.30am, the benchmark NZSX-50 index was down 3.03 points at 2738.52, while the NZSX-All capital index was up 0.28 of a point at 921.62.

There were 40 rises and 16 falls among the 106 stocks traded this morning. Turnover was $28.3 million.

Shares in market heavyweight Telecom were down 2c at 599 on turnover of $14.5m.

Hamilton Hindin Greene broker Grant Williamson said the market was quiet with little corporate news to drive it along.

DB Breweries' parent company, Asia Pacific Breweries (APB), seized the market's attention after announcing a full takeover offer for the brewer.

"It has long been expected that they (APB) will try and take DB over," Mr Williamson told NZPA today.

"It does seem a very good price, too," he said, noting the 950c a share offer was needed to encourage minority shareholders to sell.

Singapore-based APB is set to make a play for the 14.75 per cent of shares in DB it does not already own.

At 11.30am, DB shares were up 150c at 940 on volume of 17,921.

In other market news, ING Property Trust confirmed it had bought the Citibank Centre in Auckland for $30.5 million.

ING said the purchase price has been confirmed as fair value by independent valuer. Shares in ING were unchanged at 107c.

Comvita posted a June half net profit of $673,900, up 11.5 per cent on the same period last year. Its shares were unchanged at 260c.

Other movers included: Allied Farmer up 1c at 171, Cavalier up 6c at 506, Hellaby up 9c at 550, Infratil up 2c at 312, Fletcher Building down 1c at 487, Lion Nathan up 2c at 780, Ports of Auckland up 4c at 695, Pumpkin Patch up 6c at 161, Sanford up 5c at 450, and Toll NZ down 6c at 179.

Overseas, the Dow Jones closed down 88.11 points at 9962.36, the Nasdaq closed down 39.97 points at 1849.28, and the S&P 500 was down 10.64 points 1086.20.

- NZPA