NZ stocks: Sharemarket flat in early trading

12.40pm

A bevy of corporate news failed to move the sharemarket this morning, in a flat start to the day's trading.

The benchmark NZSX-50 gross index moved down 1.78 points to 2659.34, while the NZSX-All capital index fell 0.96 of a point to 893.21.

By 11.34am today, bellwether stock Telecom was down 3c to 575, on turnover worth $9.5 million.

Total turnover by 11.34am was worth $27.8 million. Of the 120 stocks traded there were 33 rises and 26 falls.

Among the stocks heading south this morning was The Warehouse, down 1c at 426. The retailer said today it would incorporate its second and fourth quarter sales figures with results announcements to make its business more transparent.

The retailer also confirmed it was expecting a preliminary full year NPAT (net profit after tax) "towards the low end" of the $60 million to $70 million range it indicated to the market in February.

Meanwhile, Wrightson was up 4c at 142, following the rejig of its board following Rural Portfolio Investments' (RPI) successful partial takeover of the company.

It was announced this morning that Wrightson's managing director Allan Freeth will leave the company, while four Wrightson directors resigned from the board last night.

Contact Energy was up 8c at 580, after announcing today it would be paid $69 million by state-owned Mighty River Power to close out some long-term hedging contracts between the two.

Sky City Entertainment was up 2c at 472, after yesterday completing the purchase of a 40.5 per cent stake in Christchurch Casino from UK gambling business Aspinall for $93.75 million.

Other stocks on the move this morning included: AMP down 2c at 695, Fisher & Paykel Healthcare up 8c at 1313, Toll NZ up 3c at 155, Ebos up 5c at 365, Genesis down 4c at 70 and Rubicon down 1c at 83.

- NZPA