NZ stocks: Shares falls in morning trading

The local sharemarket slipped in early trading today, after US stocks took a tumble amid signs of growing inflationary pressures in the United States.

By 11.35am today the benchmark NZSX-50 gross index was down 4.24 points at 2123.10, while the NZSX-All capital index had slipped 0.69 of a point to 1013.36.

Bellwether stock Telecom, which has a 26 per cent weighting in the top 50 index, was down 1c at 627, on turnover worth $7.24 million. Total market turnover in the time was worth $30.3 million.

There was no corporate news of note out this morning to drive trading, which saw 25 rises and 54 falls among the 127 stocks traded by 11.35 am.

Takeover target Vertex fell 1c to 195, after independent valuers Grant Samuel yesterday said the shares were worth $2.14 to $2.39 each -- well above the $1.90 a share takeover offer from Masthead.

Childcare centre operator Kidicorp was also unchanged at 20c this morning. Yesterday, in response to an NZX share price enquiry, the company said the termination of its management arrangements with Peppercorp last month may explain a recent share price fall.

NZX had asked Kidicorp company to explain a 26 per cent, or 6c, fall in its share price since March 10.

Stocks on the move by 11.35am included: Fletcher Building up 3c at 701, Fisher & Paykel Healthcare up 1c at 306, NZX down 5c at 965, Turners Auctions down 9c at 381 and The Warehouse up 1c at 404.

- NZPA