NZ Stocks: Market pauses for breath amongst avalanche of news

6.00PM

The sharemarket took a breather today as it absorbed a fresh batch of financial results and corporate news.

The benchmark NZSX-50 gross index was basically flat, edging up 0.62 points to 2740.59, while the NZSX-All capital index was down 0.10 points at 919.69.

Bellwether stock Telecom was static at 584.

NGC Holdings rose 3c to 298, after Australian Gas Light (AGL) today announced it had appointed an advisor to sell its 66 per cent stake in the company.

ABN Amro Craigs broker Matt Willis there were a few variables as to how the sale would play out, and the stock was likely to factor in a minor M&A premium. He said there were a number of players that could have a look at NGC, including publicly owned New Zealand power giant Vector as well as a number of Australian energy companies.

"It's a quality asset, there's no two ways about it," he said.

Auckland International Airport (AIA) was up 3c at 728 after today posting a June year net profit after tax of $94.3 million, up 13 per cent on the previous year.

"The strength of the share price of late has factored in what was going to be a good result. It's come in ahead of expectations but I think that had already been factored into the share price," Mr Willis said.

BayCorp Advantage rose 5c to 330 after reporting a full year profit of A$29.2 million ($32.09 million), up 56 per cent on last year.

Meanwhile Sir Ron Brierley's Guinness Peat Group (GPG) was up 3c to 198 after this morning reporting a £ 5 million ($14.01 million) profit for the six months to June.

Air New Zealand was unchanged at 186, after today upping its fuel surcharge. The company hinted at the rise yesterday when it announced a flat full year profit of $166 million.

Total market turnover today was worth $94.7 million.

Of the 153 stocks traded, there were 57 rises and 46 falls.

Other stocks on the move today included: The Warehouse up 6c at 461, TrustPower up 5c at 475, Ports of Auckland down 6c at 687, Independent Newspapers down 4c at 500, Fletcher Building down 4c at 510, Sky City Entertainment down 4c at 453 and Sky Network TV down 6c at 532.

- NZPA