NZ stocks: Early decline reversed with Telecom upturn

1.00pm

The New Zealand benchmark index recovered by late morning from an early dip following large falls offshore.

The NZSX-50 gross index was up 0.17 per cent, or 3.79 points, at 2284.62, while the top-40 index rose 0.16 per cent to 2184.00.

On Wall St the Nasdaq Composite Index dropped 37.77 points, or 2.07 per cent, to 1786.79; the blue-chip Dow Jones industrial average lost 105.18 points, or 1.12 per cent, to 9275.06; and the broader Standard & Poor's 500 Index fell 10.65 points, or 1.06 per cent, to 995.93

In London the FTSE 100 index ended down 51.4 points, or 1.2 per cent, at 4091.3 -- a fresh seven-week closing low.

By late morning New Zealand's market leader Telecom was up 4c at 520, while No 2 stock Carter Holt Harvey lost 1c to 170.

Turnover of 16.31 million stocks changing hands, valued at $63.63 million, was topped by Telecom's $46.51 million.

Newly listed courier company Freightways was up 3c at 179, Sky City up 4c at 874, Fletcher Building up 3c to 430, Tourism Holdings up 1c at 157, Williams and Kettle up 10c at 480, and NGC up 1c at 159.

Contact Energy was down 1c at 499, BIL International lost 1c to 71, Guinness Peat Group down 1c at 166, Independent Newspapers Ltd down 5c at 451, Tranz Rail lost 1c to 107, and Promina shed 5c to 350.

Among the retailers The Warehouse rose 3c to 555, Hallenstein Glasson up 1c at 297, Pacific Retail up 2c to 257, Postie Plus up 1c to 116, and Briscoe Group was unchanged at 186.

Financial services company Tower was up 1c at 135 after news yesterday its biggest business, Tower Australia, was closing its annuities portfolio to new customers and appointed AMP Henderson to manage its Australian Ethical Funds.

Meat company Richmond Ltd placed its shares in a trading halt this morning until the end of the session ahead of a Court of Appeal judgement, which found that PPCS' forfeited voting rights be reinstated. Richmond shares closed yesterday at 315.

There were 30 rises and 28 falls on the 116 stocks traded.

- NZPA