NZ stocks: Tenon stars on dull morning's trading

12.00pm

Forest products company Tenon starred on a typically dull Monday morning sharemarket today.

Tenon jumped 4c to a record high on Friday after it put a "for sale" sign its structural timber business and it jumped another 4c in morning trading today.

The flagging of a formal sale process came after speculation that Carter Holt Harvey and Weyerhaeuser had been talking to the company and is designed to maximise price. Tenon said it would not entertain a sale unless it felt it would receive "a very full and fair value for the business".

The Warehouse continued to head south after its indifferently received result. It fell another 2c to 433 today after losing 8c on Friday on the back of its result.

Australian business losses had dragged down The Warehouse's net profit by 18.9 per cent to $61.2 million for the July year. This followed an 8 per cent drop the previous year.

Total market volume was a miniscule 6 million worth just $19.2m.

The NZSX-50 index was down 5.12 points to 2746.74 at 11.35am while the NZSX-All index was down 1.57 at 916.04.

Fletcher Building pulled back 10c to 570 after its stellar run last week when it gained 8 per cent.

Market leader Telecom was unchanged today on 565.

Sky City was down 1c to 463.

There were 18 rises and 25 falls among the 108 stocks traded.

- NZPA