NZ stocks: Market edges higher in morning trade

The New Zealand sharemarket's index of top 50 stocks edged higher in morning trade today, although leading stock Telecom was slightly down.

Shortly after 11.30am, the benchmark NZSX-50 index was up 0.32 of a point to 3057.14. Telecom shares were down 1c at 617.

Early turnover was a paltry $41.0 million, of which Telecom accounted for $25.4m.

The NZSX-All capital index was up 0.51 of a point at 1005.88.

ABN Amro Craigs broker Bryan Burke described trade this morning as "not inspirational".

Apparel retailer Postie Plus was first out of the blocks this morning, saying it expected to post a loss for the first half of its financial year.

Unseasonal weather had impacted on shoppers' habits, the company said.

Postie Plus' shares fell 4c on the news to 81c each.

"The real question is what effect is this going to have on its dividend?" Mr Burke told NZPA today.

"There could have been more of a positive spin to that news," he said.

Investors have been eyeing retail sector stocks after mixed predictions on how lucrative trade was over the traditionally flush Christmas period.

Hallenstein Glassons was up 1c at 360, while The Warehouse was down 3c at 357.

Last week saw investors realise profits on top stocks, pushing key indices south. However, there was little sign of that so far today.

Stocks on the move included: AMP down 5c at 795, Austral Pacific up 10c at 435, Infratil up 3c at 343, NZ Refining up 11c at 3051, Promina up 7c at 590, and TrustPower down 5c at 540.

- NZPA