NZ stocks: Wall St's absence leaves stocks stranded

The New Zealand sharemarket eased a little on a quiet day in the absence of any leads from US markets, which were closed for Labour Day.

"Turnover really sets the picture - $69.73 million turnover is a reasonably quiet day for a Tuesday," said David Fergusson of Greenslades.

The NZSE-40 capital index lost 5.92 points to 2105.46. Smaller stocks also lost ground.

Tourism Holdings closed down 13c at 251 after Monday's result. Mr Fergusson said that was a bit disappointing because it had forecast 80 per cent net profit growth for next year. New Zealand's biggest tourism company posted a $14.8 million profit on Monday, up from $6.7 million last year.

Wine company Montana, ahead of the Commerce Commission's decision due today on its application for clearance to acquire main competitor Corbans, was down 4c at 265 - but still above Lion Nathan's 260c offer price.

Lion Nathan, which will hear from the Overseas Investment Commission in days on whether it can move to 28 per cent ownership of Montana, was up a cent at 475.

Medical research company Blis Technologies, which listed on the secondary market on Monday, closed down 40c at 135. "They really have been all over the place. There was reasonable volume of just over half a million shares.

"I would say people who bought the stock at 10c [in its IPO] saw the opportunity to sell it at 14 times the price they paid the day before as too good an opportunity to turn down," Mr Fergusson said.

Tower finished up 5c at 525 and the partly paids rallied 6c to 231. It said it would make cost savings of up to $6.8 million a year following its acquisition of financial planning group Bridges.

The Warehouse rose 10c to 625, following its profit of $70.1 million and talk of an Australian listing.

Telecom was down 4c at 651, Air NZ A shares added 3c to 193 and the foreign Bs eased 2c to 278. Fletcher Energy eased 2c to 876 and Forests firmed 1c to 86. Northland Port jumped 27c to 180.

- NZPA