NZ stocks: Market subdued in morning trading

12.00pm

The sharemarket got off to a subdued start this morning as investors waited for tomorrow's interest rate announcement.

The benchmark NZSX-50 gross index was up 8.21 points at 2656.57 by 11.30am this morning. The NZSX-All capital index edged up 2.42 points to 898.19.

Of the 117 stocks traded by 11.30am there were 36 rises and 23 falls. Total turnover by 11.30am was worth $30.3 million.

"Trade is very light. It appears a lot of investors are sitting on the sidelines and waiting on the interest rate decision tomorrow," Amro Craigs Equities' Bryon Burke said.

Bellwether stock Telecom was up 3c at 573. Fisher & Paykel Healthcare continued its strong run, up 5c at an all time high of 1315.

Mr Burke said the stock has been helped by speculation from the US its market could significantly increase due to possible regulatory changes.

Healthcare's products are used in the US to treat sleep apnoea in a clinical setting, but there are moves afoot to allow people to treat themselves at home. A decision from regulators is expected around October.

Gas and electricity distributor Powerco was up 4c at 207 after posting a net profit of $55.143 million for the March year.

Other stocks on the move this morning included Carter Holt Harvey up 3c at 218, Contact Energy down 1c at 577, Turners Auctions up 10c at 490, Restaurant Brands up 2c at 135, The Warehouse down 3c at 445, Sky City Entertainment up 1c at 452, Nuplex down 3c at 490, Provenco up 3c at 72, Sky Network TV up 5c at 535, Tenon up 2c at 197, Auckland International Airport up 4c at 675, and New Zealand Oil and Gas up 1c at 72c.

- NZPA