NZ stocks: Sharemarket holds steady

The top 40 index held steady in morning trade today.

The NZSE-40 Capital Index was up 2.41 points to 2092.95 on very slim turnover worth $16.3 million by 11.30am.

There was continued interest in Fletcher Forests which built on yesterday's 20 per cent gain with a 1c rise to 25c. The preference shares kept pace with a 1c gain to 25c as well.

However, Forests' 17.6 per cent owner, Rubicon, which had a 14 per cent gain yesterday, eased back 1c to 64c.

Market leader Telecom shrugged off early weakness to be up 2c to 507.

AMP, which is close to two-year lows, fell 22c to 2000.

Independent Newspaper, whose newspapers had the strongest circulation gains in independent audits published last week, was up 4c to 380.

Lion Nathan rose 5c to 570 as it made further gains following last week's good result.

The Warehouse, expected to be a big gainer from the kiwi dollar's 12 per cent rise this year, was up 5c to 730. But fellow discount retailer, in the same boat, fell 3c to 211 while Hallenstein Glasson rose 2c to 262.

Sanford, a big exporter, fell 5c to 550.

Richmond fell 6c to 241 and Westpac NZ fell 15c to 1805.

Two of this year's darlings-turned-dogs, Baycorp Advantage and Fisher & Paykel Healthcare, went negative again. Baycorp was off 8c to 430 while Healthcare was off 6c to 875.

Fisher & Paykel Appliances was down 10c to 950.

Force Corp was down 0.2c to 7.2c. The Stock Exchange inquired whether it knew why its shares had risen 2.2c since May 13 -- a 44 per cent rise. The company said it did not know why the price had risen.

There were 28 rises and 46 falls among the 120 stocks traded.

- NZPA