NZ stocks: Wrightson trading halt hogs the limelight in quiet early session

12.15pm

The New Zealand sharemaket tracked into positive territory this morning as the partial takeover bid for Wrightson grabbed investors' attention.

At 11.30am, the benchmark NZSX-50 index was up 3.56 points at 2629.16, while the NZSX-All capital index was up 0.93 of a point at 882.04.

Market heavyweight Telecom was up 2c at 567, its $12.3 million turnover equating to 46.2 per cent of the $26.6 million on NZX.

The news of the day, however, was a trading halt placed on Wrighton shares at 11.18am, which, immediately beforehand, were up 3c at 155.

Wrightson suitor Rural Portfolio Investments (RPI) today said British fund manager Marathon Asset Management had agreed to sell its 7.9 per cent stake in the rural services firm.

That would take RPI's holding in Wrightson to around 40 per cent and within striking distance of the 50.01 per cent it was seeking.

ABN Amro Craigs broker James Lock said the announcement, which came amid a quiet morning session, gave the RPI offer some "serious traction" in its closing days.

"It sounds like there is traction coming from elsewhere throughout the market place and that's evident in the share price... the market is obviously realising that this offer has potentially got legs," he said.

Meanwhile, shares in Powerco were down 1c at 206 after it restated its reported March year profit down from $55.1 million to $27.6 million.

The revision has been precipitated by likely changes of ownership and the resulting loss of accumulated tax losses.

Other stocks on the move included: AMP down 5c at 638, Austral Pacific up 4c at 304, Fisher & Paykel Healthcare down 2c at 1315, Infratil up 4c at 295, NZ Refining up 10c at 1930, Promina up 4c at 434, and The Warehouse up 2c at 428.

There were 39 rises and 22 falls among the 116 stocks traded.

- NZPA