NZ stocks: Market flat as Telecom holds firm

12.00 pm

The sharemarket opened flat today with market leader Telecom holding firm again.

Telecom, which gained 2.5 per cent yesterday, added another 1c today to be trading at 542.

The NZSE-40 index was down 0.27 points at 2119.09 at 10.20am, holding onto its eight month highs. Turnover of $33.7 million was bolstered, as it has been through most of this week, by heavy off-market trading in leading Australian stocks.

Topping the turnover with 1 million shares worth $6.3 million was Lion Nathan, which was unchanged at 587 although 800,000 of the offmarket sales went through at 590.

Other big trades were in AMP, up 14c at 2341, Telstra, unchanged at 670, NAB, unchanged at 3996, Axa, down 1c at 358, and BHP, unchanged at 462.

Fisher & Paykel Healthcare fell 30c to 1570 as it continued to be sold off on reports that US rival Innomed Technologies had reported strong sales commitments for a new medical face mask to treat respiratory disorders.

F&P Appliances fell 10c to 1020.

Carter Holt Harvey continued to stretch higher, up 1c at 191, its highest level since March last year. It has gained nearly 9 per cent since reporting its December quarter result on Tuesday.

Scott Technology, which yesterday announced it had won orders totalling more than $12 million to build two whiteware production lines for manufacturers in the United States and Mexico, rose 12c to 167.

Scott's Christchurch factory will increase the present staff of about 85 by 20 to fill the orders.

Nuplex rose 13c to 333, while UnitedNetworks fell 9c to 805, The Warehouse fell 3c to 667, Michael Hill fell 5c to 480 and Cavalier fell 4c to 590.

Briscoe, which will replace Frucor in the top 40 index, rose 5c to 174.

Software of Excellence, which yesterday said it was on track to meet profit targets, continued it excellent run, rising 4c to 320.

There were 28 rises and 34 falls among the 112 stocks traded.

- NZPA