NZ stocks: Post-result season lull continues

12.00pm

The post-results season lull continued on the sharemarket this morning, with the top 50 index trading sideways.

By 11.35am today the benchmark NZSX-50 gross index was up just 0.31 points to 2750.61. The NZSX-All capital index was no perkier, up 0.18 points to 916.85.

Telecom was down 2c to 570, on turnover worth $17.1 million.

Rises outweighed falls by 31 to 25 among the 112 stocks traded by 11.35am. Total market turnover in the time was $31.3 million.

Corporate announcements were again thin on the ground, as the financial reporting season winds down.

ASB Securities head of advisory Stephen Wright said the market had hit a post-reporting lull period.

"What will hold up prices from now will be the flow of dividends, as they approach dividend ex-date, or books close date," he said.

One of the few announcements of note today was the US$62.6 million full year net profit posted by the Singapore-headquartered BIL International today. The profit compared to a loss of US$60.3 million the year-earlier. BIL shares were up 3c at 90c.

New Zealand Oil & Gas, which today announced it had struck water while drilling at Kiwi-1, was down 6c at 80.

Cavalier was up 1c at 500. Yesterday the carpet maker said it was expanding into the South Island, buying a 50 per cent stake in Canterbury Woolscourers, through its subsidiary Hawkes Bay Woolscourers.

Retail stocks were buoyant, with The Warehouse up 3c at 464, Hallenstin Glasson up 2c at 347 and Pumpkin Patch up 2c at 182.

Other stocks on the move included: Auckland International Airport up 3c at 740, Carter Holt Harvey down 2c at 244, Fisher & Paykel Healthcare up 10c at 1355, TrustPower up 5c at 475 and Tower up 3c at 188.

- NZPA