NZ stocks: Shares reluctant to follow Wall St higher

Trade on the New Zealand sharemarket was uninspired this morning despite a positive session on offshore markets overnight.

By midday the NZSX 50 gross index was 0.37 of a point lower at 3055.04, while the NZSX all capital index was 0.73 of a point lower at 984.50. On Wall St, US stocks had pushed ahead overnight as oil prices continued to fall.

First NZ Capital research manager Barry Lindsay said investors on the New Zealand market appeared less concerned with offshore markets at the moment.

"Investors are fairly focused on domestic factors which include the level of the currency the interest level and outlook and more importantly the likely slow down in corporate earnings going forward."

Among top stocks there were few early trades. Market leader Telecom set the tone, easing a cent to 607. Most other moves across the top 50 were marginal.

By late morning Auckland International Airport up 2c to 836. Contact Energy down a cent to 664, Fisher & Paykel Appliances up a cent to 295, Fletcher Building up a cent to 664, Michael Hill down 5c to 810, Pumpkin Patch down 6c to 326, Tenon down 4c to 400, The Warehouse down 3c to 382.

There were 26 rises and 42 falls among 112 stocks traded and turnover was worth $22.31 million.

- NZPA