NZ stocks: Wrightson, secondary stock only fuel for aimless market

The New Zealand sharemarket lacked direction from overseas today, according to one broker, although there was renewed interest in some second-tier stocks.

At 5pm the NZSX-50 gross index was down 4.59 points or 0.19 per cent at 2375.99.

"It's been reasonably active on the market, although the volumes are not heavy," Grant Williamson of Hamilton, Hindin, Greene said.

"The market's pretty much unchanged. There wasn't a lot of direction from overseas last night."

Turnover was $68.8 million, with 53 rises and 48 falls on 145 stocks traded.

The former benchmark NZSX-40 capital index was 1.32 points or 0.06 per cent lower at 2202.83.

Wrightson continued to provide a focus for the market, remaining steady at Rural Portfolio Investments' (RPI) offer price of $1.45.

Nearly five million Wrightson shares have traded since yesterday's surprise open bid for shares.

" I think (RPI) will have 10 per cent of the outstanding capital at this stage. No word on how high they want to go," Mr Williamson said.

Auckland Airport continued to soar, hitting a record high of $7.00 before easing back to 696, up 6c . "It defies itself, this stock", one broker said.

Brokers also reported increased interest in some of the solid "second-line" stocks such as Powerco, Skellmax, Ryman and Freightways.

Powerco regained its dividend quickly, rising 3c to 185, while Freightways soared past its listing price at 175 to hit a record high of 197, up 2c.

Ryman Healthcare also scaled new heights, rising 2c to 217, as did Skellmax at 125, up a cent.

Among the leaders, Contact Energy lost a cent to 532, giving up some of yesterday gain's after announcing gas price hikes for Auckland consumers .

Market leader Telecom also lost steam, closing down 2c to 514 on $18 million worth of shares.

Diversified company Richina Pacific gained 3c to 37 after some positive remarks from its annual meeting today. Shareholders gave the company approval to move its registration to Bermuda for tax and investment advantages.

Media company INL rose 3c to 488 fuelled by several large crossings, in the wake of its failed takeover bid for Sky TV.

Meanwhile, Sky TV erased almost all its losses over the last week, gaining 10c to 523. Today a newspaper reported it was talking with the New Zealand Rugby Union about basing screening rights in local currency to avoid wild currency fluctuations.

Shares in Australasian financial services giant AMP lost 12c to 636 after shareholders voted to approve the demerger of AMP's troublesome UK subsidiary HHG.

Other stocks to rise included: Kirkcaldies up 10c to 340, NZX up 4c to 579, Fisher & Paykel Healthcare up 5c to 1994, and Software of Excellence up 17c to 132.

Stocks to fall included: Postie Plus down a cent to 107, Fletcher Building off 2c to 395, Telstra down 8c to 550, TrustPower down 5c to 595, Westpac off 25c to 1680 and the Warehouse down 2c to 503.

Offshore, New York's Dow Jones average ended down 41.85 points to 9923.42, the Standard & Poor's 500 Index eased 9.12 points to 1060.18, and the Nasdaq Composite Index fell 40.53 points to 1908.32.

- NZPA