NZ stocks: Market eases back

The New Zealand sharemarket eased back in morning trading today, having got no firm lead from offshore markets.

The NZSX-50 index was down 2.67 points at 2169.45 while the NZSX-40 index was down 3.74 at 2096.40 at midday.

US blue-chip stocks sagged, but the tech-driven Nasdaq managed to close with a slim gain on Monday as investors digested a mixed batch of earnings reports and braced for key economic data due later this week.

The Dow Jones industrial average fell 18.06 points to 9266.51, while the broader Standard & Poor's 500 Index sagged 2.16 points to 996.52. The Nasdaq Composite Index rose 4.64 points to 1735.34.

Turnover was light at $27 million.

Market leader Telecom fell 1c to 518.

Tranz Rail, which independent adviser Grant Samuel yesterday said, could be worth up to $1.62 a share, fell back 1c to 103. The Takeovers Panel is looking into bidder Toll's exclusive deal with the Government to see if it complies with the Takeovers Code.


Discount retailer The Warehouse was down 10c to 470 while Auckland Airport was up 6c to 602. Yesterday, the airport company said it expected a 30 per cent rise in seat capacity over the summer.

Fletcher Building pulled back from yesterday's gains by 3c to 397. The company is tipped as a buyer of Australian company Tasman Building Products for $260 million.

There were nearly 7 million Colonial Properties shares traded. The stock was down 1c at 99c.

Carter Holt Harvey fell 2c to 167, Owens rose 5c to 90, Sky City rose 5c to 920, and Wespac NZ fell 19c to 1761.

There was solid turnover in Tower rights, which rose 0.1c to 32c while the head shares fell 1c to 124 after earlier being up 2c.

There were 27 stocks in the positive and 25 in the negative among the 110 traded.

- NZPA