NZ stocks: Market begins week without direction

The sharemarket lacked direction when trading began this morning in the first full week of business for 2003.

The indicator top 40 capital index initially fell a few points but by 11.30am was up 4.61 points to 1955.01 on light volume worth $12.4 million.

The directional swing was mainly due to market heavyweight Telecom which fell 2c in early trading but reversed that to be up 1c on yesterday's close at 457. Trading in Telecom made up a quarter of the total volume traded.

The market got no positive steer from the US market on Friday where blue chip stocks slipped on a weak earnings forecast from the world's No 1 home-improvement retailer, Home Depot Inc.

The Dow Jones Industrial average lost 5.83 points to 8601.69 while the technology-laden Nasdaq managed to eke out a tiny gain, extending its 2003 rally for a second day.

Here, no two stock Carter Holt Harvey rose 4c to 180.

Three of the best performing top 40 stocks of last year, Michael Hill, Fletcher Building and Briscoe, continued their good run. Michael Hill rose 19c to 939, Briscoe, the discount retailer rose 2c to 275 while Building was up 2c to 335.

Auckland Airport initially rose 3c but reversed that to be 3c down at 550.

There was good volume in Tranz Rail which rose 2c to 110 despite bad publicity about heat causing temporary line closures and affecting timetables.

Among others to move, AMP rose 10c to 1230, Ports of Auckland rose 10c to 670, Fisher & Paykel Healthcare fell 9c to 936, TrustPower rose 5c to 358, Baycorp Advantage rose 2c to 205, and Cedenco rose 5c to 200.

There 42 advancers and 22 descenders among the 100 stocks traded.

- NZPA