NZ stocks: RPI's Wrightson bid features in muted share trading

6.25pm

Rural Portfolio Investment's bid for Wrightson featured today on the New Zealand sharemarket in a session dampened by market holidays in London and New York and the weekend violence in Saudi Arabia.

By the 5pm close the NZSX-50 gross index was 2.03 points or 0.08 per cent higher at 2597.76, while the NZSX all capital index was 1.13 points to 874.62.

Forsyth Barr broker Suzanne Kinnaird said trade on the local market had been fairly stagnant due to lack of overseas activity.

Yesterday was a market holiday in both the UK and the US, and local investors were likely waiting to see how those markets reacted to the violence in Saudi Arabia over the weekend.

"The market is living with terrorist activity now, but because of the nature of this latest attack and the fact there is already some concern over what is happening with oil prices, this one has got a little bit more to it."

Total turnover today was $53.02 million with $12.59 million of this in market leader Telecom which ended unchanged at 549.

Taking centre stage in the market was Craig Norgate-led Rural Portfolio Investments (RPI) raising its partial takeover bid for rural services icon Wrightson from 150c to 165c per share.

Wrightson shares finished up 13c at 155.

Wrightson's board has rejected the revised offer as did 19.2 per cent shareholder and Fonterra subsidiary RD1.

Elsewhere among top stocks, Ms Kinnaird said price movements were generally on low turnover.

Auckland International Airport was up 5c to 677, BayCorp Advantage up 4c to 314, Carter Holt Harvey up 2c to 199, Contact Energy down 5c to 557, Fisher & Paykel Healthcare up 25c to 1300, Nuplex up 5c to 515, Promina down 13c to 427, Ports of Auckland down 5c to 730, PowerCo down 5c to 209, Ryman Healthcare down 5c to 245, Sky City down 2c to 474, Tenon up 3c to 192, and The Warehouse up 2c to 434.

There were 35 rises and 49 falls among the 137 stocks traded.

- NZPA