NZ stocks: NZX trading above indicative range

12.00pm

The star performer on the New Zealand sharemarket today was the exchange's own shares, which traded as high as 450 after their debut.

That was higher than NZX's own guidance of a range between 250 and 325, and also higher than their informal trading levels.

The shares opened at 420, where they were trading at by late morning. The company's rights were at 280.

Turnover in NZX was 330,166 shares valued at $1.43 million.

By late morning the benchmark NZSX-50 gross index was down 11.71 points, or 0.56 per cent, at 2077.92. Turnover was light, with 9.22 million stocks changing hands worth $20.13 million.

Stephen Wright of ASB Securities said the NZX shares were trading above the exchange's intrinsic value, "but we were expecting around 450".

"Those who bought obviously got a good deal," Mr Wright said.

Elsewhere on the market, discount retailer The Warehouse was unchanged after opening up 3c at 438 as the market continued to digest news that chief executive Greg Muir would step down in two months over differences with the board.

"I think there's good private client support for Stephen Tindall," Mr Wright said.

The former chief executive, Mr Tindall will be acting chief executive until a replacement is found.

Sky TV was down 9c at 454 and Fisher & Paykel Appliances was down 14c at 121 on profit-taking, market leader Telecom shed 9c to 507, and casino company Sky City lost 8c to 857.

Air New Zealand was up 3c at 50, Auckland International Airport rose 2c to 552, Fletcher Forests gained 1c to 99, Fletcher Building was up 2c at 362, Vending Technology rose 2c to 109, and Designer Textiles gained 2c to 95.

Meat processor Affco was up 2.1c at 22 after Talley's said yesterday it had a conditional agreement with two shareholders to increase its stake to 47 per cent, at 25c per share.

Tranz Rail was down 1c at 80 after Toll formally served its 75c per share takeover offer to the rail company today.

There were 36 rises and 29 falls on the 106 stocks traded.

On Wall St, the Dow Jones industrial average finished up 25.14 points, or 0.28 per cent, at 8922.95, its highest close since late August; the Standard & Poor's 500 Index added 4.56 points, or 0.47 per cent, to 971.56, its highest close since July 8; and the Nasdaq Composite Index gained 12.81 points, or 0.81 per cent, to 1603.56.

- NZPA