NZ stocks:Top 50 index hits two-week high in quiet trade

6.15pm

The New Zealand sharemarket's index of the top 50 stocks surged to a two-week closing high in a session with little corporate news about.

At 5pm, the benchmark NZSX-50 index was up 11.43 points at 2747.34, while the NZSX-All capital index was down 3.68 points at 915.50.

Shares in market heavyweight Telecom were down 12c at 571, after it went ex dividend at 9.5c per share (cps), dragging the all capital index down.

Telecom's $28.9 million turnover equated to 34 percent of the $84.3m on NZX today.

There were 55 rises and 45 falls among the 157 shares traded today.

Greenslades broker Paul Valk said the market had been desperately quiet as the reporting season drew to a close.

"There's not a lot going on," Mr Valk told NZPA today.

Another stock to go ex dividend today was Waste Management, at 9.9cps, which closed unchanged at 503c.

"I think Waste Management is really starting to hit their straps now," Mr Valk said.

Retail stocks had also done well, Mr Valk said.

Michael Hill International was unchanged at 674c, The Warehouse Group was up 6c at 466, Hallenstein Glassons was up 10c at 340, and Briscoe Group was up 6c at 143.

Cadmus Technology posted a sharp drop in net profit for the June year, its shares closing up 0.9c at 13.9.

The Eftpos machine manufacturer announced a net profit of $56,000, compared with $406,000 last year.

Another pruning of the value of its forests saw Evergreen Forests today post a net loss after tax of $12.06m for the June year.

The result was a steep reduction on last year's $36.48m loss.

Evergreen shares were up 2c at 42.

Certified Organics today reported a half year net loss of $640,000 compared to a loss of $899,000 for the same period last year.

Its shares were up 0.1c at 10.

Rural services company Wrightson announced it would delay its planned share buyback until after its annual meeting on October 11.

Wrightson shares were up 1c at 151.

Sky City Entertainment said it has reached an agreement with Skyline, which controls a 41 percent stake in the Christchurch casino.

Skyline bitterly opposed Sky City's buy of a matching stake in the casino for $93.75m earlier this year.

But following drawn-out legal negotiations the companies have said they have reached an agreement whereby they can work together.

Sky City shares closed up 2c at 447.

Other stocks on the move included Air NZ down 1c at 188, Auckland International Airport down 7c at 738, Dorchester down 4c at 285, Hellaby Holdings down 12c at 570, Lion Nathan up 5c at 760, Nuplex up 3c at 513, Promina up 10c at 465, and Tower down 5c at 189.

- NZPA