NZ stocks: Market eases in morning trade

The sharemarket eased this morning, as a number of stocks headed south after reporting half year results.

By 11.35am today the benchmark NZSX-50 gross index was down 10.70 points to 3151.69, while the NZSX-All capital index fell 2.98 points to 1033.54.

Among the 134 stocks traded by 11.25am there were 19 rises and 60 falls. Total market turnover in the time was worth $44.4 million, with market heavyweight Telecom accounting for $18.3 million worth.

Telecom, which with a 26 per cent weighting in the top 50 index generally sets the tone for the broader market, was up 3c at 631.

But the bellwether's gain was offset by slips in other top stocks, with Carter Holt down 2c at 216 and Contact Energy down 3c at 698.

Hirequip fell 6c to 130 , after it today reported a net profit of $5.12m for the half year, up from $3.77m for the previous corresponding period.

Port of Tauranga rose 6c to 564 after it posted a 7.1 per cent rise in half year profit, to $15.8m

Meanwhile Feltex reported a net profit of $12.2 million, as well as a 6cps fully imputed interim dividend. But the stock fell 7c to 162 as the company warned it expected the next six months to be challenging.

The raft of stocks which reported results yesterday were mainly heading south in early trading today.

Tourism Holdings fell 3c to 208 after it yesterday posted a 15.3 per cent rise in December half net profit but said its Australian business was likely to impact on its full year profit.

NGC Holdings fell 3c to 322 amid reports it could be swallowed by new shareholder Vector. NGC yesterday reported an 11 per cent fall in its December half net profit to $44.7m.

Toll New Zealand fell 1c to 276, after yesterday reporting a half year net profit of $9.06 million

Media company APN was unchanged at 540, after posting a 24 per cent rise in full year profit to A$128.27 ($140.78) million yesterday.

- NZPA