NZ stocks: Wrightson surge highlight of dull morning

12.00pm

A ten per cent surge in Wrightson's price following an improved takeover bid by Craig Norgate's Rural Portfolio Investments was the highlight of a dull morning on the sharemarket today.

The market had looked on track to eke out its fifth successive small gain in early trading, but by 11.30am the benchmark NZSX-50 gross index had turned down 2.28 points to 2593.45.

The NZSX-All capital index was down 0.66 at 872.83.

Wrightson jumped 14c to 156 after Rural Portfolio Investments raised its bid price 10 per cent from 150 to 165.

RPI is trying to lift its 17.5 per cent to 50.1 per cent. Its new offer puts it within the 161c to 186c valuation that independent valuer Grant Samuel assesses the company to be worth.

Fisher Funds said it would accept the new offer for its stake, which is less than 5 per cent.

Market leader Telecom depressed the market with a 2c fall to 547.

Its $5.6 million turnover was just over a third of the market's total.

Its Australian unit AAPT is tipped to make a big new marketing push in the residential market.

Among other movers, Fisher & Paykel Healthcare rose 15c to 1290, AMP rose 6c to 638, NZ Refining rose 20c to 1900, Mooring Sytems fell 10c to 345, DB Group rose 8c to 796, Cavalier fell 5c to 470, Sky TV rose 6c to 485, Vending Technologies fell 6c to 108 and Westpac NZ rose 5c to 1900.

Owens rose 4c to 112 despite reporting a $5.7 million annual loss yesterday. The company is owned 80 per cent by Mainfreight, which fell 4c to 176.

The freight company's annual profit fell 33 per cent thanks to its holding in Owens. It said yesterday it would no longer need a special capital raising to fund the Owens purchase.

There was no lead from Wall Street which was on holiday.

There were 21 stocks up and 33 down among the 110 traded in the first 90 minutes.

- NZPA