NZ stocks: Markets slip for sixth straight session

12.20pm

The sharemarket was heading for its sixth successive down day in morning trading today.

The benchmark NZSX-50 index was down 6.55 points to 2442.20 at 11.30am, while the NZSX-40 index was down 5.89 points at 2260.22.

Market dominator Telecom weighed the market down with a 5c fall to 555 to add to yesterday's 2c fall. The company has had a good run this year but also eased 2c yesterday. It is expected to post a strong first half earnings report tomorrow of around $365 million.

There were 12.9 million stocks traded worth $33.8 million, of which around half were in Telecom.

Briscoe shares fell 5c to 159 after it reported same store sales were down 3 per cent for the three months to January 31 over the same period last year.

Total sales at the retailer's Briscoes Homeware outlets of $74.5 million were 2.9 per cent up on the previous corresponding period, while sales of $31.7 million at its Rebel Sport stores were up 3.36 per cent, the company said in a statement to the NZX.

The Warehouse fell 4c to 510 in sympathy.

Carpet maket Cavalier fell 27c to 500 on light volume while Freightways eased back 3c to 233 following a good run.

Steel & Tube, a front running stock this year, was up 3c to 407, a new high for the stock.

Tower rose 1c to 133 after it was revealed that GPG had topped up its holding to just under 20 per cent.

Vending Technologies was down 2c to 133 following its half year result yesterday.

Carter Holt Harvey was up 2c to 191, Ports of Auckland was down 5c to 780, Port of Tauranga was down 2c to 437 and AMP was down 2c to 492.

The influence from Wall Street was mild although all its main indices were up for the first time this week.

The suspected discovery of the poison ricin in the offices of Senate Majority Leader Bill Frist ignited concerns of terror attacks and took attention away from better-than-expected earnings from Tyco International Ltd.

- NZPA