NZ stocks: NZX's top 50 higher after Telecom rise 

The sharemarket's index of top 50 stocks edged higher in morning trade, thanks to a rise in the price of Telecom shares.

At 11.30am, the benchmark NZSX-50 index was up 5.14 points at 3145.98. The NZSX-All capital index was up 1.62 points at 1019.16.

Morning turnover was $26 million, including $10.5m worth of Telecom, its shares up 6c at 633.

Independent advisory firm Grant Samuel today valued Vertex shares in the 214c to 239c band. At 11.30am, Vertex shares were up 6c at 196, after their trading halt ended this morning.

Vertex is the subject of a 190c a share takeover bid by Masthead Equities, which owns 19.9 per cent of the plastics firm.

A Greenslades broker said trade on NZX this morning was slight, and that the Vertex valuation would likely see its shares track higher.

"You're probably going to see some investors taking the opportunity to get out of the stock (Vertex), but we're advising clients to hold fire," the broker said.

Another broker said Masthead may have to sweeten its offer if the takeover was to be successful.

In other market news, NZ Finance was unable to explain to NZX why its share price rose 20c to 102 yesterday. NZ Finance shares were today down 2c at 100.

KidiCorp said a dip in its share price might be linked to the end of an agreement with another firm, Peppercorn. KidiCorp shares fell 6c to close at 17c yesterday. Today they were up 1c at 18.

In the retail sector, Michael Hill International was down 4c at 795, Postie Plus was down 1c at 72, PumpkinPatch was up 8c at 345, and The Warehouse was up 1c at 396.

Debt collector Baycorp Advantage was down 3c at 320.

While top three stock Contact Energy was unmoved at 690c, stocks with links to the energy sector were on the up.

Cue Energy was up 1c at 24, NZ Refining was up 10c at 3700, NGC Holdings was up 2c at 326, and NZ Oil & Gas was up 1c at 116.

Other stocks on the move included: Allied Farmer up 2c at 282, Wrightson down 6c at 202, Auckland International Airport up 3c at 823, Cavalier down 5c at 400, Nuplex down 10c at 500, Tenon down 5c at 435, and Infratil down 4c at 336.

Among the 131 stocks to change hands so far today were 34 rises and 51 falls.

- NZPA