NZ stocks: Sharemarket edges up in quiet trading

The New Zealand sharemarket made modest gains today in quiet trading.

The benchmark NZSX-50 gross index was up 2.24 points at 2568.82, while th NZSX-All capital index was up 0.72 points at 871.18.

Top stock Telecom helped nudge the sharemarket into positive territory, gaining 2c to 557, on turnover worth $26.2 million.

Total market turnover for the day was worth $63.5 million. Of the 147 stocks traded there were 47 rises and 58 falls.

ABN Amro Craig's Matt Willis said the tone of the market has changed since the recent interest rate hike by the Reserve Bank.

"I think this market feels like it's in a bit of a holding pattern quite frankly. There didn't feel like there was a great deal going on from a turnover point of view today," he said.

He said the market seemed to have put in a bottom earlier this week and has been flat apart from news driven price movements.

On the news front today, rural service company Wrightson rose 2c to 140, after its directors urged shareholders not to accept a $1.50 per share partial takeover offer by Rural Portfolio Investments (RPI).

RPI is seeking to up its stake in Wrightson from 12.9 per cent to 50.01 per cent.

Independent advisor Grant Samuel valued Wrightson shares in a range of $1.61 and $1.86, while Wrightson valued itself between $1.72 and $1.98.

Carter Holt Harvey was up 1c at 202. The $1.01 billion sale of its tissue division to Sweden's Svenska Cellulosa Aktiebolaget went unconditional today.

Pacific Retail Group fell 6c to 200, after yesterday saying it plans to float its retail chains including flagship stores Bond & Bond and Noel Leemings. Fisher & Paykel Healthcare was down 12c at 1222, despite the release of new sleep apnea products today. Tenon was down 1c at 185 and Rubicon was down 2c at 83c.

Other stocks on the move today included: Air New Zealand down 1c at 40, Cavalier up 13c at 485, Fletcher Building up 2c at 430, Hallenstein Glasson down 6c at 302, Telstra down 7c at 525, NZX up 10c at 910, NZ Refining down 10c at 1900, TrustPower up 5c at 416, Turners Auction up 5c at 484, Waste Management up 10c at 460, DB Breweries down 13c at 817, Lion Nathan down 10c at 720 and GRD down 12c at 194.

- NZPA