NZ stocks: Ports of Auckland helps lift market higher

12.15pm

The sharemarket opened higher this morning as Ports of Auckland confirmed the sale of its Westhaven Marina to the Government for $52 million.

At 11.30am, the benchmark NZSX-50 gross index was up 7.49 points at 2609.90. The NZSX-All capital index was up 2.99 points at 884.06.

The market's turnover by 11.30am was worth $20.9 million.

Among the 122 stocks traded were 47 rises and 31 falls.

Shares in Telecom were up 5c at 5753 on turnover of $5.5 million.

Before the NZX opened this morning, Ports of Auckland shares were placed on a trading halt ahead of the announcement being made at 10am. It rose 25c to 770 when it resumed trading about 10.30am.

"The Government is expected to confirm the purchase of Hobson West Marina next week," Ports of Auckland said in a statement to NZX.

ABN Amro Craig's broker Bryon Burke said the market had reacted positively to the announcement, but the price hike was on low volume with around 3,000 shares traded by 11.30am.

Guinness Peat Group was up 1c at 209. The company today announced it was planning to buy the remaining shares in the holding company that owns British textile manufacturer Coats Group.

GPG currently owns about 64 per cent of the holding company.

Meanwhile, Rubicon shares were up 1c at 88 after it last week announced an 185c-a-share play to up its stake in forest company Tenon to 50.01 per cent.

Rubicon currently owns about 20 per cent of Tenon.

Tenon was up 3c at 196. Mr Burke said speculation the Rubicon bid might flush out more potential bidders for the wood processor had "inspired" a few investors.

NZX was up 15c at 925 after this morning announcing a first quarter net profit of $869,000.

Telstra was up 11c at 535, despite the chairman of its Australian parent quitting last night. The resignation was announced after the Australian market closed.

Other shares on the move included: Auckland International Airport down 1c at 642, Contact Energy up 2c at 542, Carter Holt Harvey down 1c at 226, Fisher & Paykel Healthcare up 7c at 1228, Nuplex up 2c at 482, NZ Oil and Gas up 3c at 68, Sky TV up 5c at 535, and Kirkcaldie & Stains down 18c at 260.

- NZPA