NZ stocks: Market eases slightly on light turnover

12.00pm

The New Zealand market eased slightly today with light turnover.

By mid-morning the NZSE-40 capital index was down 3.29 points, or 0.16 per cent, at 2001.00, with 7.62 million stocks changing hands, valued at $32.67 million.

David Cleal of Macquarie Equities said the market was fairly quiet today with few stocks distinguishing themselves.

"It's a fairly steady market, following a reasonable performance from Wall Street. Telecom looks about the same (up 1c at 517), so that's really about it," Mr Cleal said.

"There's a trading halt on Powerco pending the release of details of the "jumbo" issue."

Powerco is seeking to raise $150 million for new acquisitions through a combination of a rights issue and a share placement, known as a jumbo placement because of the large numbers of shares able to be issued to institutions.

AMP lost 3c to 1370 after the British markets eased slightly overnight.

AMP axed a raft of senior positions yesterday and backed away from aggressive plans to make it big in the British market as it announced plans to split its UK division, Pearl, into two units.

The bomb blast in Bali during the weekend had little effect on the New Zealand market, despite northern hemisphere markets appearing jumpy overnight as a result of the suspected terrorist action.

Air New Zealand, which has no flights to the popular tourist spot, lost 1c to 54, while Auckland Airport was unchanged at 423 after going ex-dividend yesterday.

In Australia, Qantas and insurer QBE weakened yesterday.

Elsewhere on the market, Baycorp Advantage was up 1c at 323, Carter Holt Harvey was unchanged at 16 ahead of its third quarter profit announcement tomorrow, Fletcher Building was up 1c at 291, and Tower was down 6c at 354 on light turnover.

Fisher & Paykel Appliances was up 15c at 1010 and F&P Healthcare gained 4c to 990.

Contact Energy lost 3c to 382, Guinness Peat Group was down 1c at 149, retailer The Warehouse lost 5c to 720, casino operator Sky City shed 2c to 740, and Sky Television was down 3c at 330 on very light turnover.

There were 21 rises and 27 falls on the 93 stocks traded.

On Wall St, the Dow industrials rose 24.76 points, or 0.32 per cent to 7875.05, and the Nasdaq was up 9.64 points, or 0.80 per cent, at 1220.11 at the closing bell.

- NZPA