NZ stocks: Shares finish flat on slow trade

6.20pm

The sharemarket capped a sluggish session with a flat finish today as the usual slow Monday trade was further muted by a lack of corporate news.

By the 5pm close the benchmark NZSX-50 gross index was 0.76 of a point lower at 2692.64, while the NZSX all capital index was down 1.46 points at 902.54.

Total turnover was worth a comparatively modest $67.15 million with 42 stocks rising and 66 falling among the 164 traded.

Amro Craigs Equities operator Matt Willis said it had been a relatively quiet session.

"I think this market at the moment is being driven by stock specific news rather than real market sentiment."

First NZ Capital research manager Barry Lindsay said today's slightly softer market was to be expected on the back of weaker global markets on Friday.

Mr Willis added that overall market sentiment was currently good, "and I think that has been reflected in the index rising extremely strongly over the last couple of weeks".

He said this was due to the strength of the domestic economy coupled with plenty of corporate activity.

This meant "the market is starting to anticipate some strong results coming through in July".

Meanwhile, market leader Telecom lost 2c to 583 today while Contact Energy was up 9c to 595.

"I think the energy sector is probably the prevalent theme of the market at the moment," Mr Willis said.

It would probably continue to remain prominent until Edison Mission completed the sale of its half share in the company.

Fisher & Paykel Healthcare was up 6c to 1314. Mr Willis said unlike stocks valued primarily for their yield, Fisher & Paykel Healthcare was seen as a growth story, and as such was not subject to the negative effects from recent interest rate rises.

Infratil ended today's session 9c lower at 306, after its new 1 for 5 warrants were quoted this morning.

Air New Zealand was unchanged at 41c. The national carrier's appeal against the Commerce Commission's refusal to allow it to form an alliance with Qantas started in the High Court in Auckland today. The case is expected to take up to four weeks.

Wrightson was down 2c at 138, after announcing late Friday it had reached an amicable agreement with outgoing managing director Allan Freeth.

Other stocks to move today included: Auckland International Airport down a cent to 681, Fisher & Paykel Appliances up a cent to 454, Fletcher Building down 2c to 458, Independent Newspapers Ltd up 2c to 470, Lion Nathan up 14c to 760, Mainfreight down 3c to 191, Michael Hill up a cent to 595, NZX down 10c to 850, Pacific Retail Group down 3c to 212, Ports of Auckland up 5c to 710, Sky City down a cent to 474, Sky TV up 2c to 520, Steel & Tube up 2c to 416, Telstra up 2c to 550, Toll NZ up 5c to 175, TrustPower down 9c to 456, The Warehouse down 4c to 417.

- NZPA