NZ stocks: Sharemarket moves up, Sky City dominates

12.00pm

The sharemarket started the short trading week in positive territory this morning, dominated by turnover in Sky City Entertainment.

The benchmark NZSX-50 gross index was up 12.84 points at 2625.24, while the NZSX-All capital index was up 2.04 points at 881.25 by 11.35 am.

Sky City Entertainment was up 2c to 475 on the back of turnover worth $48.6 million, accouting for more than half of the total market turnover of $85.56 million by 11.34am.

ABN Amro Craig's Matt Willis said Sky City Entertainment's turnover accounted for about 2 per cent of the company.

No substantial shareholder notices had been lodged with the stock exchange by Sky City by 11.30am.

Head of Research at First NZ Capital Barry Lindsay said because less than 5 per cent of the stock was involved, details of the transaction might not have to be disclosed.

"If it's a holder who already owns over 5 per cent then any movement greater than 1 per cent of the capital needs to be disclosed, but if its someone who owns less then 5 per cent then they don't need to disclose the sale or purchase," he said.

Mr Lindsay said the market expected a good day today, following on from a positive performance in international equity markets overnight. But he said apart from the Sky City turnover the market was reasonably muted today.

Bellwether stock Telecom was up 2c at 553, on the back of turnover worth $17.7 million.

Of the 119 stocks traded by 11.34 am this morning there were 33 rises and 29 falls.

Powerco was down 7c at 206, after shedding an 8.8 cents per share dividend.

Feltex was down 2c at 163, after listing on Friday at 162 -- an 8c, or 4.7 per cent, discount to the $1.70 issue price.

Other stocks on the move in early trading included Carter Holt Harvey up 2c at 204, NZ Refining up 10c at 1960, Vertex down 5c at 150, Briscoe down 2c at 130, Tenon up 1c 192, Tower up 3c at 165, Infratil down 5c at 295, Fisher & Paykel Appliances down 9c at 460, F&P Healthcare up 10c at 1315 and Fletcher Building up 3c at 443.

- NZPA