NZ stocks: Shares firm in morning trade

12.45pm

The sharemarket's benchmark index firmed in morning trade today, bolstered by demand for a number of top stocks.

At midday the NZSX-50 gross index was 7.45 points or 0.28 per cent higher at 2645.55, while the NZSX all capital index was 0.32 of a point higher at 885.32.

Total turnover by 11.30am was worth $51.92 million, with 30 rises and 28 falls among 119 stocks traded.

Hamilton, Hindin, Greene dealer Grant Williamson said the market was "just a wee bit firmer". There was considerable turnover in lead stock Telecom, which was up a cent at 570.

However, much of the turnover in Telecom was down to a substantial off-market crossing.

Meanwhile Contact Energy was up 7c to 591. "There's still quite a bit of interest there ahead of the Edison decision -- what might be happening with that stake," Mr Williamson said.

Deadlines for bids for US-based Edison Mission Energy's 51 per cent stake in Contact close this Friday.

There was "very good" interest in Carter Holt Harvey shares, with the stock rising 4c to 201. The company yesterday said it was to purchase a major Chinese wood panels business for $214 million.

Takeover target Wrightson was down a cent to 153 after yesterday losing 3c.

Yesterday Wrightson turned the heat up on predator Rural Portfolio Investments, requesting the Securities Commission to investigate alleged irregular trading in Wrightson shares on Friday.

Wrightson has accused RPI of inadequate disclosure that resulted in irregular trading in a partially informed market. The commission has agreed to investigate.

RPI's bid, at $1.65 per share for 50.01 per cent of Wrightson, closes tomorrow.

Fisher & Paykel Healthcare was up 5c to 1320. Yesterday it said it was strengthening its presence in the key Japanese market.

New listing APN News & Media was down a cent to 464.

Other stocks to move by late morning included: Auckland International Airport down 12c to 653, Feltex up 2c to 169, Fletcher Building up a cent to 446, Infratil up 3c to 293, Michael Hill down 4c to 594, Sky City down 3c to 465, Sky TV down 2c to 518, Steel & Tube Holdings down 2c to 397, TrustPower up 3c to 450, and The Warehouse up a cent to 427.

On overseas markets, Wall St's Dow Jones industrial average fell 44.94 points to 10,371.47, the Standard & Poor's 500 Index lost 4.70 points to 1130.32 and the technology-laced Nasdaq Composite Index slipped 12.35 points to 1974.38.

- NZPA