NZ stocks: Shares creep higher despite US holiday

12.00pm

Stocks on the New Zealand sharemarket crept higher in morning trade today despite dips by most overseas exchanges overnight.

By 11.30am the benchmark NZSX-50 gross index was 5.23 points higher at 2698.12, while the NZSX all capital index was up 1.86 points at 904.40. Total turnover was worth $33.42 million and there were 42 rises and 23 falls among 114 stocks traded.

Forsyth Barr broker David Price morning trade had been crimped by a lack of direction from the US (on holiday for Independence Day) and little in the way of local news.

"You've probably got those stocks that have had the most recent news on the positive side drifting higher, and stocks like The Warehouse where there's been no new news but the most recent news (has been negative) sort of drifting against the trend of the market at midday".

The Warehouse was down 3c to 414. Last week it restated that its full year earnings would be at the lower end of a downwardly revised forecast.

Meanwhile market leader Telecom was trading a cent higher at 584.

Contact Energy was up 2c to 597 as it draws closer to announcement about the sale of Edison Mission's 50.1 per cent stake.

Mr Price said Forsyth Barr currently valued the company at 643 a share "which would make it a stretch" for Australian Gas Light (AGL) or Origin Energy who have been reported as prospective buyers.

Independent Newspapers Ltd was up 3c to 473 and Sky TV was up 5c to 525 as both stocks continued to recover from a sell down after index changes at the end of last month.

Air NZ was up a cent to 42 as its appeal against the Commerce Commission's rejection of its proposed tie up with Qantas continues in the High Court at Auckland.

Genesis Research Genesis Research said today it has completed recruitment for the Phase II trial of childhood eczema therapeutic treatment AVAC. The company's stock was unchanged at 73c.

Elsewhere, moves by 11.30am were generally small.

Auckland International Airport was up 2c to 683, Fisher & Paykel Appliances up 2c to 456, Fisher & Paykel Healthcare up 2c to 1316, Fletcher Building up 3c to 461, Pacific Retail Group down 2c to 210, Ports of Auckland down 5c to 705, Steel & Tube up 2c to 418, Toll NZ up a cent to 176, and TrustPower up 6c to 462.

Overseas, US financial markets remained closed in observance of the Independence Day holiday.

UK's FTSE 100 share index ended down 0.09 per cent or 4.1 points to 4403.3, and Japan's Nikkei average finished down 1.53 per cent or 179.78 points to 11,541.71.

- NZPA