NZ stocks: Waste management stars on firm market

12.00pm

Waste Management shares rallied to record highs on a marginally firm sharemarket today in the wake of its positive result.

Waste Management equalled yesterday's 15c gain today to a new high of 505 following its 49 per cent rise in its June half profit to $12.7 million. It also issued an interim dividend of 9.9c per share and forecast a strong full year result.

The company has signalled good progress in its Australian expansion.

The NZSX-50 gross index was up 4.84 points at 2761.60 at 11.50am while the NZSX all capital index was up 1.40 points at 928.96.

Telecom dominated turnover with $19.4 million worth of its shares changing hands against the market's total of $33.3m. It was down 1c at 605 to add to yesterday's 1c loss.

No.2 stock Carter Holt Harvey was square at 212.

Lines company Powerco, in which Australian firm Prime Infrastructure yesterday bought a 53 per cent stake and agreed to launch a takeover at 215/share, was down 1c today at 207. It lost 7c yesterday.

TrustPower fell 5c to 460 and Contact Energy rose 3c to 599.

Freightways rose 2c to 258 today following a strong result yesterday that bettered prospectus forecasts.

Baycorp Advantage was up 3c to 318, The Warehouse was up 2c to 442 and ANZ Bank was up 7c to 1958.

There were 35 stocks in the positive and 34 in the negative among the 124 traded.

- NZPA