NZ stocks: Sharemarket rises in morning trading

12.00pm

The major sharemarket indices went in opposite directions in early trading this morning, following a 9 cent fall by bellwether stock Telecom, which is ex-dividend today.

By 11.35am today, the benchmark NZSX-50 gross index, which strips out the downward effect of dividend payouts by individual stocks, was up 9.95 points to 2745.86, while the NZSX-All capital index had fallen 3.54 points to 915.64.

Telecom, ex-dividend 9.5 cents per share, was down 9c at 574, on turnover worth $15.78 million. Total market turnover by 11.35am was worth $27.3 million.

Rises outnumbered falls 35 to 26 among the 110 stocks traded.

Waste Management, which is ex-dividend 9.9 cents per share, fell 12c to 491.

Sky City Entertainment fell 2c to 443. The company said today it has reached an agreement with Skyline, which controls a 41 per cent stake in the Christchurch casino. Skyline bitterly opposed Sky City's buy of a matching stake in the casino for $93.75 million earlier this year. But following drawn-out legal negotiations the companies have said they have reached an agreement whereby they can work together.

Other stocks on the move this morning included: Fisher & Paykel Appliances up 1c at 418, F&P Healthcare up 15c at 1345, NGC Holdings up 3c at 308, and Ports of Auckland up 3c at 700.

- NZPA