KEY POINTS:
The New Zealand sharemarket opened slightly higher today as nearly six million Ryman Healthcare shares sold, with the price up 25c to 235.
Babcock & Brown bought 25 million shares in the company last night and 5 million today, taking its stake to 6 per cent.
Jeremy Coe of Goldman Sachs JBWere said it appeared to be a precursor to a takeover bid.
The NZSX 50 benchmark index was up 2.34 points to 4098.12.
But two companies that reported today failed to impress the market, with shares in both falling early.
Auckland International Airport reported its December half-year net profit was unchanged from a year ago at $51.1 million. Its shares opened 2c down at 227.
The country's biggest listed transport group, Mainfreight, said today its net profit rose 27 per cent to $25.8 million for the nine months to December 31. Its shares were down 8c early to 780.
Telecom was down 2c to 489, having fallen 3c yesterday when $43.3 million worth of shares traded.
Toll NZ, which yesterday said its December half year net profit fell 61 per cent to $9.12 million, was down 10c early today to 260.
Children's clothing company Pumpkin Patch, which on Tuesday reported a 6.4 per cent rise in net profit after tax to $15.5 million for the six months to the end of January, was up 4c to 435.
Other early moves included Contact Energy up 2c to 842, Nuplex down 4c to 700, Skycity down 4c to 515, and The Warehouse up 2c to 700.
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In the US, blue-chip stocks fell after stronger-than-expected inflation data dimmed hopes for an interest-rate cut, while printer and personal computer maker Hewlett-Packard Co failed to impress investors with its latest earnings report.
But the Nasdaq logged a modest gain, climbing to its highest in nearly six years, as investors snapped up Apple Inc and other recently pummeled technology shares, believing the sector may offer the best earnings growth going forward.
- NZPA