NZ stocks: Shares run out of puff after early gains

12.45pm

An early rise today by the sharemarket dissipated as the session wore on and the benchmark index was close to where it opened by late morning.

By 11.30am, the benchmark NZSX-50 gross index was 0.2 points lower at 2612.21, while the NZSX all capital index was 0.21 points higher at 885.22.

Total turnover was worth $42 million and there were 30 rises and 35 falls among the 109 stocks traded.

Lending the mildly softer tone to the market were falls by second tier stocks Carter Holt Harvey which was down 3c to 204 and Fletcher Building which fell 5c to 443.

Market leader Telecom was up 2c to 568 after yesterday gaining 9c on news the Commerce Commission would not force it to open its copper wire network or "local loop" to competitors.

Fisher & Paykel Healthcare was up 40c to 1285 despite announcing its March year net profit fell 25 per cent to $54.7 million. Brokers had expected a net profit of about $52 million.

Amro Craigs Equities retail adviser Bryon Burke said: "Like all results as long as it's on track and it's ahead of broker forecasts that's one good thing".

However, the company exceeded broker forecasts "during a period when the dollar was against them".

"Looking forward with the dollar the way it is now if they maintain the same sort of sales then... it is pretty positive."

Fisher & Paykel Appliances, which also posts its full year result today, was up 3c to 470.

Ryman Healthcare rose 10c to 240 after posting a 20 per cent rise in its March year net profit to $18.4 million and raising its annual dividend to 9c from 7.5c.

Elsewhere across the top 50 moves included: Auckland International Airport down 3c to 667, Cavalier Corp up 3c to 478, Independent Newspapers Ltd up 3c to 490, Infratil down 3c to 305, Promina up 6c to 411, Sky TV up 2c to 530, Telstra down 3c to 529, Tenon down 2c to 192, Tower up 2c to 156, The Warehouse up a cent to 445, and Wrightson down a cent to 139.

- NZPA