NZ stocks: Market flat in trendless trade

12.20pm

The sharemarket's benchmark index remained mired in a tight range in featureless post-reporting season trade this morning.

By 11.30am the NZSX-50 gross index was down 0.02 of a point to 2747.32 while the NZSX all capital index was up 0.19 of a point to 915.70. Total turnover was worth $28.29 million with 37 rises and 21 falls among 120 stocks traded.

Direct Broking's Peter Lynds said that after the rush of financial results and corporate announcements over the past two weeks, a quiet morning on the news front had seen the market remain quiet and trendless this morning.

"There's nothing to write home about."

Top stock Telecom was unchanged at 571, after yesterday paying out a 9.5 cents per share dividend.

Mr Lynds said it was surprising to see Telecom trading at such a low level "given the yield it offers".

Fletcher Building was down 4c to 514 after dipping as much as 6c on figures released this morning showing a sharp fall in July dwelling building consents.

Among other top stocks, Carter Holt Harvey was unchanged at 246, and Contact Energy was up a cent to 580.

Discount retailer The Warehouse was down 6c to 460.

Sky City Entertainment was up 2c to 449. Yesterday the company confirmed it has reached an agreement to work together with Skyline, which controls a 41 per cent stake in the Christchurch casino.

Other stocks to move included: BayCorp Advantage down 3c to 342, Ebos up 10c to 395, Fisher & Paykel Appliances up 5c to 428, Pacific Retail Group up 5c to 205 and Toll NZ down 9c to 210.

- NZPA