NZ stocks: Market little moved by return to work

12.00 pm

The New Zealand sharemarket was barely moving this morning after two days' holiday, with a paltry $7.7 million in turnover.

By mid-morning the benchmark NZSE-40 capital index fell 4.85 points, or 0.24 per cent, to 2040.86, with a total of 3.11 million stocks trading hands. Tranz Rail topped volume with a total turnover of $2.03 million.

Among the 76 stocks traded, Briscoe Group was up 10c at 170, Fletcher Forests preference shares were up 1c at 23, Fletcher Building was up 1c at 291, Infratil gained 3c to 178, and Vending Technology gained 1c to 201.

Telecom lost 1c to 495, discount retailer The Warehouse shed 10c to 650, Sky TV lost 8c to 400, casino operator Sky City was down 3c at 625, and Contact Energy lost 5c to 395.

Takeover target Frucor Beverages was down 1c at 230, below Groupe Danone's 235 a share offer. Danone has extended its deadline for its $354 million takeover offer until January 18.

There were 21 falls and 20 rises.

Air New Zealand was unchanged at 32 on its second day of trading without its A and B share distinction. Shareholders voted last week to remove the share structure, which had required holders of A shares to be New Zealand residents.

On Wall Street, the Standard & Poor's 500 Index closed up 4.72 points, or 0.4 per cent, at 1149.37; the Nasdaq Composite Index advanced 16.22 points, or 0.8 per cent, to 1960.70; and the Dow Jones Industrial Average climbed 52.73 points, or 0.5 per cent, to 10,088.07.

- NZPA