NZ stocks: Sharemarket firms in featureless trading

12.00pm

The sharemarket firmed a fraction in featureless trading this morning.

The NZX 50 gross index stretched to a new historic high, up 3.34 points to 2105.11, and the NZX 40 capital index was up 3.16 points to an 11-month high of 2071.63.

Turnover was reasonable with $38.4 million worth of the stock traded by 11.45am.

The local market got no real positive direction from Wall Street, where stocks ended slightly higher as investors shrugged off weak economic data and pinned their hopes on a recovery shaping up in the year's second half.

The Dow Jones industrial average ended up 2.32 points at 9,041.30.

First NZ Capital broker James Snell said the fall of the New Zealand dollar against the Australian dollar was the main event of significance.

The fall was in response to the Reserve Bank's decision to cut interest rates yesterday which contrasted with Australia's decision this week to leave its cash rate steady. Last night, the European Central Bank cut its rate by half a percentage point, double the Reserve Bank's cut, in an attempt to revive stagnant European economies.

Fisher & Paykel Appliances, a beneficiary of the weaker currency, firmed 15c to a record high of 1260 and its sister company F&P Healthcare rose 10c to 1150.

DB Group, rose 11c to 680 on very slim turnover.

Market leader, Telecom rose 2c to 510.

Sky City rose 1c to 866, Sanford fell 20c to 520, Nuplex rose 5c to 385, and Sky TV fell 5c to 445.

There were 43 rises and 23 falls among the 112 stocks traded.

- NZPA