NZ stocks: Positive tone continues on sharemarket

12.00pm

A slightly positive tone continued for the benchmark sharemarket index today, as the market braces itsalef for another round of financial results between now and the end of the week.

By 11.35am today, the benchmark NZSX-50 gross index was up 2.24 points to 2739.50, while the NZSX-All capital index fell 0.04 points to 919.84.

Bellwether stock Telecom set a positive tone in early trading, rising 1c to 582, on turnover worth $25.7 million.

Total market turnover was worth $45.6 million.

Cadmus technology was up 1.2c at 12c after sharebroker ABN Amro Craigs today announced it was making a $4.98 million stand in the market to buy 18.6 per cent of the eftpos unit manufacturer.

The stand, which ends at 5pm tomorrow, was to secure 41.5 million Cadmus shares at 12 cents each.

Following a brief lull in financial results yesterday, Feltex Carpets today reported a full year net profit of $11.2 million, up 65 per cent on a year earlier. The stock had fallen 3c to 171c by 11.35am.

Oceana Gold was also unmoved at 91c after today reporting a half year net profit of A$10.9 million ($11.9 million).

In a fairly balanced market there were 33 rises and 31 falls among the 121 stocks traded by 11.35am.

Stocks on the move included: AMP up 3c at 666, Cavalier down 6c at 500, Fletcher Building down 1c at 517, Fisher & Appliances fell 2c to 418, and Wrightson down 1c at 150.

- NZPA