NZ stocks: Market posts mild gains through morning session

12.30pm

The sharemarket posted mild gains through this morning's session, despite little corporate news emerging to drive investor activity.

At 11.30am, the benchmark NZSX-50 gross index was up 7.13 points to 2796.01, while the NZSX-All capital index was up 1.89 points to 932.51.

Children's clothing retailer Pumpkin Patch today posted a net profit of $8.1 million for the June year,

The company, which listed on the stock exchange in June, did not provide a year-earlier profit comparison. Its shares were up 13c at 210.

ABN Amro Craigs broker Matt Willis said the Pumpkin Patch result was a salient point in an otherwise quiet session.

"This (the result) is endorsing that Pumpkin Patch is a very good growth story," Mr Willis told NZPA today.

"They're doing very well in their sector of the market."

Sky Television confirmed it had bought a Nelson-based DVD movie rental business DVD Unlimited, the deal effective from October 1.

Sky TV shares were unchanged at 535.

Port of Tauranga gained 5c to 535 on thin volume after today's announcement that the Commerce Commission had cleared the way for it and Toll to form a joint venture stevedoring and marshalling business.

The 50/50 joint venture company will own all the shares in Owens Cargo Company, Toll Logistics (NZ) and Leonard and Dingley.

Ports of Auckland shares dipped 6c to 659.

Fisher & Paykel Healthcare continued its upbeat performance of recent weeks, its shares rising 11c to 1485.

"Investors that hold the stock appreciate the option value in the story," Mr Willis said.

"It's just one of those stocks that those who are there (investors) don't want to exit," he said.

Three stocks dominated morning trade -- Telecom, Powerco and Fletcher Building.

Telecom, which had risen steadily over seven days until profit-takers entered the market yesterday, added another 3c to 586.

There was $23.7 million worth of Telecom shares traded by 11.30am. Market turnover was $56.4m.

Powerco, which has attracted large-scale overseas buying to cash in on Prime Infrastructure's 215 a share bid, was unchanged at 210.

Fletcher Building was up 1c at 576.

Carter Holt Harvey was another leading stock to recoup 1c of yesterday's losses, moving to 205.

The Warehouse continued to lose ground following its disappointing result, shedding 1c to 428.

Of the 113 stocks traded so far today, 39 rose and 24 fell.

- NZPA