NZ stocks: Market remains positive today with quiet trading

The New Zealand sharemarket opened on a positive note today with both major indices up on the back of a flat day's trade yesterday.

Just after 11.30am, the benchmark NZSX-50 gross index was up 1.33 points, or 0.6 per cent, at 2147.68, while the NZSX-40 capital index was up 1.67 points, or 0.08 per cent, at 2080.36.

Shortly after the NZX opened, $26 million worth of shares were traded on volume of 9.8 million. Among the 97 stocks traded there were 31 rises and 22 falls.

Market heavyweight Telecom led the way, trading $14.3 million worth on turnover of 2.8 million. The telco's shares was unchanged on 508.

JB Were broker Joe Gallagher said the market was very quiet with few companies offering standout performances.

"Generally after the last day of the month people are writing up a lot of reports," Mr Gallagher told NZPA today.

"It tends to be a little bit quieter."

He said news yesterday that Walker Wireless was launching a new fast internet service in Auckland next month had little affect on the market so far.

Confirmation that freight company Mainfreight was launching a $56 million takeover offer for rival Owens Group had not affected either company's share price.

This morning's gains on NZX came after across-the-board rises on key United States indices in overnight trading.

The Dow Jones rose 33.75 points to 9233.80, the broader S&P 500 climbed 2.82 points to 990.31, and the Nasdaq Composite rose 14.23 points to 1735.14.

Back on NZX, Contact Energy's shares slipped 5c to 480 this morning despite yesterday announcing a nine months to June net profit of $74.2 million.

In the same period last year Contact reported a $70.4 million net profit.

NZX was itself up 2c to 490 after yesterday posting a June half year net profit of $584,000, down from $1.9 million for the previous six months.

Other stocks on the rise included: Briscoe up 5c to 188, Fisher and Paykel Appliances up 5c to 1325, F&P Healthcare up 10c to 1150, Genesis Energy up 5c to 112, Michael Hill up 2c to 425, NZ Refining up 5c to 1660, Pacific Retail Group up 8c to 220, and The Warehouse up 6c to 456.

On the slide were: Auckland International Aiport down 2c to 598, Fletcher Building down 1c to 399, Telstra down 2c to 523, Sky TV down 3c to 465, and Cavalier down 8c to 450.

- NZPA