NZ stocks: Market rises slightly on light trading

Light trading nudged the New Zealand sharemarket up slightly this morning.

By 11.30am the benchmark NZSX-50 gross index was 0.15 points or 0.01 per cent higher at 2431.97, while the NZSX-40 capital index was 1.60 points or 0.07 per cent higher at 2243.07.

Turnover was 9.375 million, worth $26.4 million.

Of the 102 stocks traded, 26 were rises and 24 were falls.

Market leader Telecom was up 1c at 562.

Air New Zealand was up 1c to 42 cents at 11.30am, after announcing a December half year net profit of $105.35 million compared with $93.92 million a year earlier.

ASB Securities broker Stephen Wright said while the national carrier's results were good, the stock was unlikely to rise much more.

"It's a difficult sector. Every second day you read about other airlines providing more flights or services to the same areas that Air NZ is in. It's extremely competitive," he said.

Fisher & Paykel Healthcare regained the 5c it lost yesterday, rising to 1170.

F&P Appliances sold 19.8 million shares in Healthcare at 1170 earlier this week.

Mr Wright said having hit its placement price, the stock should hold steady around this level.

F&P Appliances slipped 2c this morning to 389.

The drycleaning and linen company Taylors Group, was up 10c to 285, after yesterday posting a December half year net profit of $2.239 million.

Rural service company Wrightson, continued to slide, down 4c to 118.

Sky City Entertainment was down 4c to 444, ahead of tomorrow's results announcement. Sky TV was up 3c at 520.

Other stocks on the move included: Turners Auctions down 6c at 405, Independent News Limited up 5c at 475, The Warehouse down 3c to 434, Contact Energy up 1c at 506, Freightway down 1c at 226, Sanford up 8c at 478, Lion Nathan down 5c at 675, Auckland International Airport down 4c at 668, Michael Hill down 4c at 5200.

- NZPA