NZ stocks: Sharemarket firm in early trading

12.30pm

The sharemarket firmed this morning, regaining some of the ground lost yesterday in the wake of Fisher & Paykel's institutional sale of F&P Healthcare shares.

Just after 11am the benchmark NZSX-50 gross index was up 1.56 points, or 0.06 per cent to 2423.72 points, while the NZSX-40 capital index was 2.39 points or 0.11 per cent higher at 2233.52 points.

Total volume was worth $16.8 million on turnover of 8.16 million. Of the 114 stocks traded, 29 were rises and 22 falls.

Market leader Telecom slipped 1c to 557.

UBS Warburg broker Richard Leggat said the market looked likely to continue to trade steadily this afternoon after a fairly quiet morning.

Fisher & Paykel Healthcare managed to claw back some of the ground lost yesterday after F&P Appliances sold off 19.8 million shares.

F&P Healthcare was up 5c to 1180, after falling 60c yesterday, F&P Appliances rose 1c to 385. Mr Leggat said a 5c rise in an 1180 stock was "neither here nor there," but said the stock was attractively priced.

AMP continued to rise after yesterday upping its profit forecast for 2003, up 7c at 562. AMP jumped 47c yesterday.

Sky TV was up 10c to 510. The pay television operator yesterday announced a half year net profit of $12.4 million, up $4 million on the previous same period.

Independent Newpsapers Ltd (INL), which owns 78 per cent of Sky TV, was up 4c to 469 after yesterday reporting a net profit of $43 million.

On the reporting front today, Wrightson saw a 34 per cent fall in its half year net profit to $2.7 million. The rural services company slid 7c to 12. Mr Leggat said the result was disappointing, but the stock was unlikely to fall much further.

Gas supplier NGC Holdings rose 2c to 220, after reporting a half year net profit of $50.7 million, up from $35.4 million for the same period last year. It returned to fully imputed dividend and the distribution rose from 4cps to 8.5c.

The specialist healthcare property investor, Calan Healthcare Properties Trust slipped 1c to 89c after boosting its half year net profit by 26 per cent to $4.8 million.

Other stocks on the move included Lion Nathan up 2c to 677, Briscoe down 3c to 142, Carter Holt Harvey up 2c to 189, Turners Auctions up 1c to 410 and Auckland International Airport down 7c at 660.

- NZPA