NZ stocks: Market mixed in early business

12.00pm

The sharemarket was mixed today with fresh support coming from the US market against selected profit-taking in local stocks.

The NZSX-50 (renamed since the change of the stock exchange's change of name to NZX) gross index was up for the ninth consecutive day, by 3.93 points to 2090.99 at 11.45am.

Heavyweight stock Telecom was off 9c to 521, mostly as a result of surrendering its 5c dividend today. It dominated turnover, comprising $30.7 million of the $46 million total.

The NZSX-40 capital index, which strips out dividend payments, was down 6.86 points to 2054.01.

The Warehouse, against expectations was up 10c to 440, in response to the shock news on Friday that chief executive Greg Muir was stepping down. That announcement came after the market had closed. Initially, the stock lost 5c but then turned things around.

ASB Securities broker Stephen Wright said some analysts had predicted a sharp fall in the share price.

"It's quite a good result," Mr Wright said of the trading performance today. He said the fact that company founder Stephen Tindall was temporarily taking over as CEO was well received by the market.

"Stephen Tindall taking over is considered to be a good thing," Mr Wright said.

Fisher & Paykel Appliances fell 20c to 1230 after its big run last week. It jumped 16 per cent last week from 1075 in anticipation and in response to a strong profit result.

Sister company Fisher & Paykel Healthcare pushed on to 1105, up 1c.

Others where profits were taken included NGC, down 2c to 163, and Sky TV, down 5c to 465.

Capital Properties, ex a 1.9cps dividend, was down 7c to 87.

ANZ Bank and Westpac NZ, both speculated to be in the hunt to buy National Bank of New Zealand at a cost of over $6 billion, were both up strongly. ANZ rose 35 to 2100 while Westpac NZ was up 31c to 1766.

AMP was up 15c to 560 and Carter Holt Harvey was up 2c to 160. Northport was down 15c to 285, Sanford was down 5c to 550 and Scott Technology was down 5c to 270.

Contact Energy was down 3c to 462.

Tranz Rail was down 3c at 81.

There were 34 rises and 35 falls among the 113 stocks traded.

Better-than-expected manufacturing data powered Wall Street higher as investors grew confident the economy is improving.

The Dow Jones industrials briefly surpassed the 9000 mark for the first time since December. It ended 47.55 points up at 8898.

The Institute for Supply Management reported that its manufacturing index was 49.4 per cent last month, up from 45.4 in April. A reading below 50 means manufacturing activity is slowing; still, the figure was better than the 48.5 that economists were expecting.

- NZPA