NZ stocks: Market coasts in neutral

The sharemarket coasted in neutral today.

Telecom, which was trading at its highest level since November and was up 15 per cent from its mid-March level, initially dragged the market down but my midday had pulled back to square on 490.

Turnover in Telecom comprised just under half of the total market turnover of $35 million.

The top 50 gross index, which yesterday was at a four-month high, was up 0.45 points at 2010.22 while the top 40 capital index was down (correct) 1.34 points at 1983.84.

There was little encouragement for the local market from Wall Street. US stocks sagged after the terrorist attack aimed at Westerners in Saudi Arabia put investors on guard, putting the brakes on the market following a powerful two-month stock-buying spree.

Just a day earlier, the broad Standard & Poor's 500 index had roared to its highest close since August.

The blue-chip Dow Jones industrial average lost 47.48 points, or 0.54 per cent, to 8679.25. The broad S&P 500 slipped 2.81 points, or 0.3 per cent, to 942.30.

Financial services company Promina, after a good first two day's of trading, fell back 4c to 219 on good turnover worth over $6 million.

Port of Taurange rose 7c to 447, while Turner's Auction rose 5c to 310 as did Scott Technology to 290.

Fisher & Paykel Healthcare rose 5c to 1085 and sister company F&P Appliances rose the same amount to 1065.

Ryman Healthcare fell 7c to 163.

There were 29 rises and 23 falls among the 104 stocks traded.

- NZPA