NZ stocks: Buoyant Wall Street fails to fire NZ sharemarket

A buoyant Wall Street, which pushed to 14 months highs on renewed economic optimism, failed to inspire the New Zealand sharemarket today.

The NZSX-50 gross index was up just 2.81 points at 2209.50 shortly before midday while the NZSX-40 capital index was up 2.67 points to 2128.79.

Turnover was light at $27 million with around $7.8 million of that in market leader Telecom. It was up 2c to 496.

There were very few moves of significance.

Independent Newspapers Ltd, in the throes of a takeover of 66 per cent held Sky TV, was up 6c to 447. Sky TV was up 3c to 475 -- around 11c above the value of the scrip-cash offer.

The Warehouse rose 2c to 522, continuing the discount retailer's topsy-turvy run.

AMP, which eased back 35 cents yesterday as takeover talk quietened, was square on 740 today.

Fellow fund manager Promina was up 6c to 338, Auckland Airport was down 4c to 641 and Northport was down 3c to 295.

Postie Plus, on its second day of trading was up 2c at 127.

Rarely traded Cabletalk rose 11 per cent, or 4c, to 40c on turnover of 9900. Among only 105 stocks to have traded, 40 were up and 17 were down.

US investors decided a US economic activity report was more solid evidence of a US economic recovery.

The tech-laden Nasdaq hit a 17-month peak and the blue-chip Dow and broader S&P 500 both climbed to 14-month highs as Wall Street traders returned from the long Labour Day holiday that traditionally marks the end of summer.

The Institute for Supply Management released broadly positive data on manufacturing activity but its reading on factory jobs showed employment levels were falling.

The Dow rose 107.45 points, or 1.14 per cent, to 9523.27 and the broader S&P 500 rose 13.98 points, or 1.39 per cent, to 1021.99 while the Nasdaq added 31.03 points, or 1.71 per cent, to 1841.48.

- NZPA