The sharemarket crept sideways in quiet trade this morning with a lack of news and an unsurprising Reserve Bank interest rate call exerting little influence.
By 11.30am the NZSX-50 gross index was 0.350 of a point lower at 3091.80, while the NZSX all capital index was 0.89 of a point lower at 1017.81.
Amro Craigs Equities retail advisor Bryon Burke said the local market was likely waiting for the Australian market to open after their Australia Day holiday yesterday.
"So it's probably just in a sideways pattern until then and maybe we'll get some order flow and direction from there."
Mr Burke said the market had found little stimulus in this morning's Reserve Bank decision to leave its key interest rate unchanged at 6.5 per cent, and an accompanying statement suggesting the next move, if anything, would be up rather than down.
"People have looked at the Reserve Bank announcement and it's been in line with their own forecasts and so in itself it hasn't generate any order flow."
Market leader Telecom which initially bobbed higher had subsided three cents to 620 by late morning.
Star performer over last couple of days Carter Holt Harvey was up a further 3c to 219.
The few other moves among top stocks were largely incremental. Auckland International Airport was up 2c to 794, Fisher & Paykel Appliances down 2c to 418, Fletcher Building down 2c to 658, Sky City was down 2c to 517, and The Warehouse down a cent to 394.
Further down the board Cue Energy shares were placed in a today had its shares placed on a trading halt ahead of a placement. Cue shares last traded at 38c.
Other moves in early trade included: Cavalier Corp up 3c to 423, MediaWorks up 3c to 240, Michael Hill up 10c to 790 and Pumpkin Patch down 3c to 31.
Total turnover by 11.30am was worth $20.37 million and stocks rising outnumbered those falling 40 to 28 on 127 traded.
- NZPA
<EM>NZ stocks:</EM> Market unmoved by rate call
AdvertisementAdvertise with NZME.