NZ stocks: Sharemarket drifts through day

The sharemarket drifted through a quiet day's trading on thin volume with no standout performers, a broker said.

At 4.30pm, the benchmark NZSX50 gross index was down 4.42 points, or 0.20 per cent, to 2165.42, while the NZSX40 capital index was down 5.97 points, or 0.28 per cent, to 2102.60.

ABN Amro Craigs operator Matt Willis said the market took a breather hoping to consolidate recent gains.

"It's just drifting sideways at the moment on pretty thin volume," he told NZPA.

"In a way that can be seen as a positive. If it can sustain the gains it has made over the past month I think that would be a positive outcome."

He thought the drift today came from profit taking, although in cases it could be a case of stock buying falling off.

Today, $81.5 million of stocks were traded on volume of 31.1 million. Among the 131 stocks traded were 41 rises and 46 falls.

Market leader Telecom traded $27.1 million worth of stocks on turnover of 5.2 million. Its shares closed the day down 3c at 514.

On the up today were, AMP 5c to 575, Fisher & Paykel Appliances 50c to 1335, F&P Healthcare 16c to 1181, NZX 12c to 422, and Port of Auckland 15c to 795.

Port of Auckland was on a fresh high, having put on 105 since May 30. Mr Willis said the rise could be pinned to some positive re-ratings of the port company's stock recently.

On the downside, Auckland International Airport slid 7c to 590, Contact Energy 5c to 484, JPM Fleming 30c to 1035, Lion Nathan 3c to 627, Sanford 2c to 498, Steel & Tube 6c to 355, and Westpac 21c to 1760.

- NZPA