12.00am
The US Memorial Day holiday caused the pause button to be pushed on the New Zealand sharemarket this morning.
The NZSE-40 Capital Index gained 3.22 points to 2101.59 by 11.30am.
Volume was very light at 16.7 shares worth $20.2 million.
Carter Holt Harvey, in the news for announcing 381 layoffs at its Kinleith
mill in Tokoroa, was up 4c to 202 after initially being sold off a couple of cents. The gain put the stock at a two year high on heavy turnover of 4.5 million shares, worth $9 million
Market leader Telecom, which got a positive tick from credit agency Fitch yesterday, was down 1c at 502. Fletcher Building was off 2c to 279.
TrustPower, which yesterday got a recommendation from broker ABN Amro, jumped 6c to 320. ABN Amro said TrustPower was set to reap the benefits of rising electricity prices. It put a value of $4.09 on the stock.
Food producer Cedenco fell 15c to 210 in response to its weak first half profit announced yesterday. Cedenco reported its half year net profit fell 46 per cent to $1.3 million, but said it expected the full year result to equal last year's $4.2 million.
Genesis Research lost another 2c to add to yesterday's 3c loss to be at 283. News emerged yesterday that US competitor, Biogen, was beating it to the drop to get a psoriasis drug treatment into the market.
BIL International, formerly Brierley Investments, held its gains and was flat at 60c. Analysts said the sharp rise in BIL share price was likely to be due to the investment company either selling out of food group Fraser and Neave, or Air New Zealand.
On Friday, the Singapore Exchange queried BIL's 18 per cent rise to S54.50c (NZ65c) in heavy trade, its highest level since mid-2001.
Air New Zealand was up 1c to 59c, 1c off its high for the year. It said it would announced this afternoon a revamp of its domestic operations and Freedom Air -- the first of a three-part overhaul.
Other moves included: Fisher & Paykel Appliances, up 3c to 963, Sanford, up 6c to 546, The Warehouse, down 5c to 730 and Westpac NZ, up 4c to 1835.
There were 30 rises against 37 falls among the 113 stocks traded.
- NZPA
