NZ stocks: Sharemarket flat in morning trade

The sharemarket moved sideways in early trading this morning as Contact Energy fell further.

By 11.35am today the benchmarket NZSX-50 gross index had slipped 1.25 points to 3165.92, while the NZSX-All capital index dipped 0.56 to 1037.80.

Contact Energy -- which lost 14c yesterday after it reported a 50 per cent rise in its December quarter profit but dashed hopes of a capital return -- lost a further 6c to 690 by 11.35am.

Bellwether stock Telecom fell 1c to 635, reflecting the flat tone of the market.

Total market turnover by 11.35am was worth $24.6 million, with 43 rises and 31 falls among the 125 stocks traded.

Among those on the rise was stock exchange operator NZX, which today posted a 25 per cent rise in full year net profit, reflecting the sharemarket's stellar performance last year. The company also announced a special 40c per share dividend. NZX gained 25 to 980 by 11.35am.

Also reporting this morning was Waste Management, which rose 29c to 640. The rubbish disposal operator's full year net profit rose 38 per cent compared to the year-earlier to $25.6 million.

Meanwhile Sky City Entertainment was unchanged at 513 after it said yesterday it had successfully raised US$400 million ($560 million) through a private placement to United States-based investors.

Ports of Auckland (POA), which yesterday reported a flat half year profit, was unchanged in early trade at 665.

Also unmoved was rural services company Wrightson at 196. The company yesterday said its takeover offer for smaller rival Williams & Kettle became unconditional after it received acceptances for 51.8 per cent of the shares in the Hawke's Bay firm.

- NZPA