NZ stocks: Top stocks edge market higher in morning trade

Sharemarket heavyweights Telecom and Contact Energy this morning bolstered trade on NZX, helping the index of top 50 stocks to edge higher.

At 11.30am, Telecom was unchanged at 614, while Contact Energy gained 2c to 657. They, alongside tentative trade in other top 50 stocks, gave the market a mildly positive tone.

The benchmark NZSX-50 index gained 2.32 points to 3078.61 on light trade.

The NZSX-All capital was down 0.17 of a point at 1011.90.

Turnover was a paltry $40.4 million, of which Telecom accounted for $22.4m.

There were 30 rises and 24 falls among the 114 stocks traded so far today.

Hamilton Hindin Greene broker Grant Williamson said the market had so far failed to fire, but might get some direction from trade in Australia this afternoon.

Rural services firm Wrightson today mailed its takeover to Williams & Kettle this morning. Wrightson shares were down 1c at 194.

The offer, which is conditional on 90 per cent acceptance, is either at 470c a share, or one Wrightson share plus 270c in cash, for each W&K share.

Healthcare firm Abano Healthcare Group today posted a November half net profit after tax of $50,000, against $310,000 in the previous same half.

Its shares were up 3c at 112.

"That company has yet to impress... they keep making acquisitions but we have yet to see that translated to the bottom line," Mr Williamson told NZPA today.

Mooring Systems said today it was testing a prototype of a new automated mooring system called "MoorFender" for use in container ports and bulk terminals.

"Mooring has had a good run and this (the prototype testing) is encouraging news for them looking ahead," Mr Williamson said.

Shares in Mooring Systems last traded at 490c yesterday.

Auckland International Airport gained 2c to 790 after it confirmed work would start on its domestic terminal upgrade.

Work will begin on the Air New Zealand domestic terminal next week. Air NZ shares were unchanged at 161.

In the retail sector the movers were: Hallenstein Glassons down 2c at 392, PostiePlus up 1c at 72, Hellaby down 5c at 690, Michael Hill International down 5c at 775, and Pacific Retail Group down 2c at 214.

Other stocks on the move included: Guinness Peat Group up 2c at 226, Promina up 13c at 585, Nuplex down 2c at 585, Tower down 2c at 221, and AMP down 5c at 820.

Sky City Entertainment was down 5c at 505 on profit taking.

- NZPA