NZ stocks: Retailer Briscoe Group to sponsor Super 12

12.00pm


Retailer Briscoe Group snatched the limelight today when it confirmed its Rebel Sport unit was to sponsor the rugby Super 12 competition for the next two years.

In a statement to the New Zealand Exchange late this morning Briscoe confirmed it had picked up the rugby sponsorship deal for the 2004 and 2005 seasons.

Group managing director Rod Duke said sponsoring the competition -- to be known as Rebel Sport Super 12 -- would further develop the Rebel Sport brand.

"The awareness and support generated through sponsorship of the Rebel Sport Super 12 will certainly assist in making the continued expansion (of the sporting retail chain) successful," he said.

But a broker for Dunedin-based Greenslades, Paul Valk, said the marketing move would have little impact on Briscoe's share price.

"It won't do anything to their share price... but it's good for Rebel Sports from the point of view that it's increasing its profile," Mr Valk told NZPA today.

At 11.30am, Briscoe shares were unchanged at 169.

Meanwhile, trading had been quiet on NZX so far today with $30.5 million worth of shares traded on volume of 9.8 million.

The benchmark NZSX-50 was down 0.85 points at 2392.32, while the NZSX-40 capital index was down 1.01 points at 2220.93.

Among the 109 stocks traded were 31 rises and 32 falls.

Market leader Telecom weighed heavily on trading with $19.7 million worth of shares traded on volume of 3.9 million.

Its shares were down 3c at 509.

SkyCity shares were up 2c at 469 after reports it was trying to "muscle its way" into the Christchurch Casino.

Christchurch Casino chairman Barry Thomas claimed that London-based casino operator Aspinall, which owns 30.7 per cent of the casino was in discussions to sell its stake to SkyCity.

Mr Valk said any deal effecting the ownership structure of Christchurch Casino was "just talk at this stage."

Shares on the rise included: Auckland International Airport up 3c at 700, Baycorp Advantage up 1c at 300, Contact Energy up 3c at 534, Dorchester up 10c at 233, Fisher & Paykel Healthcare up 15c at 1250, NZX up 5c at 574 and Westpact up 15c at 1720.

Among those of the slide were: Cavalier down 4c at 550, Genesis Energy down 3c at 112, Lion Nathan down 2c at 665, Tourism Holdings down 1c at 150 and The Warehouse down 2c at 511.

Overseas, the Dow Jones was up 107 points at 10,130, the Standard & Poor's 500 Index was up seven points at 1075, and the Nasdaq Composite Index was up six points at 1925.

- NZPA