NZ stocks: Shares firm in mid-morning trading

12.15pm

The benchmark share index firmed in mid-morning trading, adding to the record high set yesterday.

By 11.35am today the NZSX-50 gross index had gained 4.07 points to 2814.81, while the NZSX-All capital index was up 1.18 points to 936.13.

Bellwether stock Telecom was up 2c at 592 on turnover worth $13.6 million. Powerco also racked up healthy turnover, worth $5.7 million. Total market turnover by 11.35am was worth $30.4 million.

Despite its healthy turnover Powerco was unchanged at 211, 4c shy of the 215 per share takeover offer from Prime Infrastructure.

The Dominion Post today reported the Takeovers Panel might re-examine Prime's bid, amid concerns overseas investors were taking advantage of the structure of the deal. Overseas shareholders can accept all cash for their shares, while most New Zealand shareholders will be paid in a mixture of bonds and cash.

Fellow energy firm Contact powered up 9c to 599, partly recouping the 13c it dropped yesterday after its independent directors urged minority holders not to accept a 557c per share takeover offer by Australia's Origin Energy.

Vertex was up 1c at 168. Yesterday Gould Holdings and Masthead bought about 20 per cent of Vertex's shares at a healthy premium of 205c each.

Fisher & Paykel Healthcare dropped 5c to 1520, following a run up of 35c yesterday.

Telstra fell 5c to 500. The drop followed a 5c dip yesterday after the Australian company announced a A$750m ($810m) off-market share buy-back plan.

Rises and falls were fairly evenly matched this morning, with 38 stocks gaining and 29 stocks falling off among the 116 stocks traded by 11.35am.

Other stocks on the move today included: Carter Holt Harvey down 4c at 224, Port of Tauranga up 5c at 540, The Warehouse down 4c at 422 and Turners Auction up 3c at 470.

- NZPA