NZ stocks: F & P Healthcare boosted by weaker kiwi

12:00 pm

Fisher & Paykel Healthcare rallied on a weaker kiwi this morning, as the sharemarket shook off an early morning malaise.

"The Dow's off today, off 75 (points), and our market's had a reasonable rally recently so there's a bit of profit-taking here and there," said Richard Burton of Forsyth Barr.

Just after 11am the NZSE-40 capital index was down just under one point to 2023.43 on a total turnover of $32.9 million.

F&P Healthcare topped the turnover, rising 50c to 1575 as $11.8 mill ion worth of shares changed hands. The stock, which listed yesterday on the Australian Stock Exchange, was enjoying the effects of a softer kiwi dollar on its American Depository Receipts overnight.

Its companion appliance unit also gained 15c to 865.

Market leader Telecom also bolstered the market, up 2c to 493 on a turnover of $3.4 million.

DB Group fell 10c to 560, Frucor fell 2c to 236 and Contact Energy slipped 1c to 391 after takeover bidder Edison Mission announced it would extend its offer.

Mining company GRD Macraes shed 9c to 155, after news yesterday it had sealed a deal with the Government to begin a West Coast gold mine pushed the stock to close on its year high.

Among the rises, Lion Nathan rose 4c to 540, Australian-based telco Telstra was up 4c to 644, and Air NZ freely-tradable B shares rose 1c to 37, underpinned by easing jet fuel prices.

Wilson and Horton exchange preference shares gained 10c to 820, and biotechnology stock Genesis rose 10c to 285 .

Beleaguered technology company Advantage Group has begun staging a tentative recovery, putting on 4c today to 52. The stock has risen 20c in the last six weeks after placement of a number of shares at 37c, but still has a long way to go to regain its year high of 169.

So far there have been 27 rises and 33 falls on 110 stocks traded.

- NZPA