NZ stocks: Market in the black with little activity

The New Zealand market remained buoyed by about 10 points today during a quiet Monday session.


The benchmark NZSX-50 gross index was up 8.26 points, or 0.36 per cent, at 2315.18, while the top-40 index closed up 0.31 per cent at 2212.04.


Topping volume of 24.1 million stocks valued at $64.1 million was Telecom's $26.3 million.


Nigel Scott of ABN Amro Craigs said the New Zealand market was very quiet for the first trading day of the new month, with effectively an Australian holiday tomorrow for the Melbourne Cup.


Top performer was Sky Casino, which closed up 15c at 910, a two-month high. On November 14 each existing ordinary share will be split into two.


Telecom was up 4c at 488 ahead of its first quarter result to be announced on Wednesday.


Baycorp Advantage was unchanged at the one-year high of 310 reached on Friday, after it announced a plan at its annual meeting last week to resume paying dividends.


Auckland International Airport gained 6c to 667, its highest close in more than one month. Last week the airport company restated its positive outlook for the summer season, including a rise in passenger numbers.


Infrastructure investor Infratil was down 1c at 248 after announcing an interim net profit today of $12.5 million, down one third on the same period last year.


Air New Zealand, which said today its revenue and passenger load rose in the three months to September, closed unchanged at 48c.


Of the two ex-dividend stocks, Freightways (3.4c per share) rose 1c to 191 and Property for Industry (1.35cps) was down 1c at 91.


Mainfreight shares were up 1c at 140 after securing the majority of Owens shares by Friday, although it was thwarted by Toll Holdings from achieving total control.


The Warehouse was up 2c at 572, Fisher & Paykel Appliances rose 12c to 1485, Independent Newspapers Ltd gained 5c to 480, Tower was up 3c at 131, Tranz Rail was rose 1c to 127, Skellmax gained 2c to 120 and Michael Hill International was up 3c at 440.


Owens was down 1c at 111, Fletcher Building lost 1c to 438, AMP shed 3c to 752, Westpac was down 15c at 1745, Sky TV lost 7c to 510, F&P Healthcare lost 30c to 1180, and Trustpower lost 5c to 585.


There were 51 rises and 46 falls on the 147 stocks traded.


- NZPA