NZ stocks: Shares drift in directionless trade

12.20pm

The New Zealand sharemarket traded sideways this morning in an uneventful start to the week.

By 11.30am the NZSX 50 gross index was up 1.25 points to 2838.49, while the NZSX all capital index was down 1.23 points to 940.64.

Market leader Telecom was up a cent to 588, while among second tier stocks Carter Holt Harvey was down a cent to 232, Contact Energy was down a cent to 607, Sky City was down a cent to 438, and Sky TV was up 5c to 545.

Direct Broking equities manager Brett Wilkinson said the market appeared to be still making up its mind which way to go in view of current oil price worries.

"Every time a stock gets sold off, there's good support. I wouldn't expect to see any stocks moving a lot, that's why this market's moving in a very small range."

Broadcaster CanWest MediaWorks was down 4c to 173 despite reporting a 55 per cent lift in full year earnings to $60.9 million.

Mr Wilkinson said the company had probably let the market down.

"In the last week or two there's been a little anticipation that CanWest might do a Pumpkin Patch and come in above forecasts, but it only came in in line with forecasts."

Rarely traded Lion Nathan was unchanged at 811. It said this morning its full year result to be released in November would be affected by write downs on its Australian wine business and other assets.

Most other significant moves were among stocks going ex-dividend.

Auckland International Airport ex-div at 17.3 cents per share was 17c lower at 723, Colonial Motor Co at 9.5 cps was down 14c to 301, Tourism Holdings at 5cps was down 4c at 193, Williams and Kettle at 9cps was down 10c at 315.

Other moves in morning trade included: Air NZ up a cent to 160, Cavalier Corp up 2c to 484, NZ Refining Co up 10c to 2710, Tower down 2c to 219.

Total turnover by 11.30am was worth $30.83 million and there were 23 rises and 24 falls among 114 stocks traded.

- NZPA