NZ stocks: Market slightly positive at start of week

12.30pm

The sharemarket reversed early weakness in late morning trading today to start the week on a slightly positive note.

Market leader Telecom pulled up from a 2c fall to be up 1c at 478 on turnover worth $11.5 million.

The NZSE-40 capital index was up 5.95 points to 1963.36 by 11.45am on volume worth $35.7 million.

The Warehouse, which was ex a 4cps dividend, fell 8c to 724.

ASB Securities broker Andrew Kelleher said the market was typically quiet for a Monday with few features and no real lead from overseas markets on Friday.

Cavalier Corp continued its fine form, rising 30c to a new record of 745 and is now up 18 per cent for the month.

Baycorp continued its partial rebound from this month's hammering, rising 5c to 216 on good volume.

Tranz Rail, another to have been trashed in the past month, rose 2c to 127 ahead of its annual meeting this afternoon.

AMP was up 28c to 1398 before the company asked for trading to be suspended pending an announcement.

Auckland Airport rose 7c to 541 after it told shareholders at its annual meeting it was on path for a record profit.

Revenue for the four months rose 13.1 per cent to $74 million and the surplus after tax rose 20.2 per cent to $25.25 million ahead of the same time last year.

The year-end result would be affected by an increased interest charge relating to $214 million of borrowing associated with the capital repayment, but the board said it was confident of a record profit in excess of last year's $71.5 million.

Rarely traded technology company Renaissance fell 8c, or 21 per cent, to 30.

Further profits were cashed in at Fletcher Building, which fell back another 2c to 323 following its strong run last week.

Contact Energy also fell 2c to 376.

Lion Nathan rose 7c to 595, Sky City rose 13c to 783, Sky TV rose 10c to 350, F&P Appliances rose 14c to 1075 and F&P Healthcare rose 5c to 1080.

There were 31 rises and 32 falls among the 101 stocks traded.

- NZPA