NZ stocks: Just Water listing hogs limelight in flat NZX trading

Market newcomer Just Water International proved to be a darling with investors, its shares trading at a 36 per cent premium within minutes of listing today.

Just Water shares were issued at 50c each but briefly touched 68c after listing on the New Zealand Alternative Exchange at 11am.

By 11.30am they were up 14c at 64 on volume of 696,425.

Just Water's initial public offering (IPO) saw 25 per cent of the company floated, which raised $8.25 million.

Meanwhile, trading was very quiet on the main boards with the benchmark NZSX-50 shedding 1.17 points to 2622.85.

The NZSX-All capital index was up 0.64 of a point at 879.79.

Greenslades broker Paul Valk said the Just Water IPO was a salient point in "flat" morning trading.

"The only news of the day is Just Water... It's a great little company," Mr Valk told NZPA today.

"There's been good-sized bids -- not just mum and dad investors -- most of the quotes are 20,000 to 50,000 shares," he said, noting Just Water shares would probably hold their current value.

Shares in market heavyweight Telecom were up 2c at 566, accounting for $14.7 million of the market's $43.5 million turnover.

Yesterday Telecom shares finished up 3c at 564 on news of its $62.5 million deal to buy systems integrator Gen-i from Eric Watson's Cullen Investments.

Shares in Carter Holt Harvey were down 2c at 196.

There were 38 rises and 34 falls among the 112 stocks traded in a session that was shaping up to be thin on corporate news.

Other stocks to move included: Allied Farmers up 3c at 173, Austral Pacific up 10c at 300, GRD Macraes down 8c at 185, NZ Oil & Gas up 2c at 63, NZ Refining up 15c at 1920, Promina down 2c at 430, and NZX up 6c at 846.

- NZPA