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Home / Business / Companies

<i>NZ stocks:</i> Sluggish start to week for sharemarket

18 Oct, 2004 05:01 AM3 mins to read

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The week got off to a sluggish start on the sharemarket today, moving sideways on light trading.

The benchmark NZSX-50 gross index edged down 0.50 of a point to 2836.75, while the NZSX-All capital index fell 2.20 points to 939.67.

ABN Amro Craigs broker Bryon Burke said it was a very mixed
day, with the 49 rises balanced by the 52 falls among the 162 stocks traded.

Top stock Telecom lost 3c to 584 on turnover worth $28.2 million. Total market turnover today was a moderate $84.14 million.

Nuplex Holdings was placed in a trading halt today until it completes an institutional bookbuild, which will be used to fund the proposed purchase of a coatings resin business from company Akzo Nobel. Nuplex announced on Friday it had made an offer of around 110 million euros ($203.5 million) for the European company. Prior to the halt Nuplex was trading at 540.

AXA Asia Pacific was also placed in a trading halt for the morning session. The halt was lifted around midday after it was announced the company's French parent was pulling out of a full takeover bid of the Australian-based subsidiary. AXA SA began talks in August last year about acquiring the remaining 48.3 per cent it did not already own in AXA Asia Pacific, but could not come to an agreement on price. AXA SA made an initial offer of A$3.75 ($4.03) per share offer, bumping that up to A$4.05, before withdrawing the bid.

Shares in AXA AP plummeted 38c or 8.68 per cent, to 400 on the news, once the halt was lifted. While AXA AP's share price is largely driven by price action in Australia, Mr Burke said there are still quite a large number of small shareholders in New Zealand. .

CanWest Mediaworks fell 5c to 172, despite today announcing a 55 per cent rise in earnings for the year-ended August. The television and radio company posted earnings before interest, tax, depreciation and amortisation (ebitda) of $60.9 million, up from $39.1 million the previous year.

Mr Burke said the result was pretty much in line with the company's prospectus. "I think if the stock hadn't run up prior to the result...it probably would have gone up today," he said. CanWest Mediaworks listed on July 29 at $1.65, from an issue price of $1.53. Mr Burke said the stock was trading around $1.75 to $1.80 in the run up to the result.

By contrast Lion Nathan rose 4c to 815 after downgrading its profit forecast. The Australia-based brewer today downgraded its profit forecast for the 2004 financial year by A$42.6 million ($45.8 million) and said it now expects to post a net profit of around A$160 million after significant items when it reports on November 4.

Most other significant moves were among stocks going ex-dividend.

Auckland International Airport ex-div at 17.3 cents per share was 17c lower at 723, Colonial Motor Co at 9.5 cps was down 10c to 305, Tourism Holdings at 5cps was down 4c at 193, Williams and Kettle at 9cps was down 10c at 315.

Other stocks on the move today included: Carter Holt Harvey up 2c at 235, Fletcher Building down 4c at 561, Contact Energy up 4c at 612 and Hellaby up 10c at 605.

- NZPA

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