NZ stocks: Shares reverse yesterday's loss in morning trade

12.20pm

The sharemarket's benchmark index reversed yesterday's loss in quiet morning trade today.

By midday, the benchmark NZSX-50 gross index was 7.13 points higher at 2907.74 after yesterday losing 6.27 points. The NZSX all capital index was 2.12 points higher at 961.42. There were 42 rises and 19 falls among 127 stocks traded by 11.340am and total turnover was worth $40.95 million.

Direct Broking's Peter Lynds said while the market was "just a tad better here and there," overall, trade was relatively quiet.

Underpinning the market's firmer tone was a 2c rise to 593 by leader Telecom.

Trans-Tasman financial services group Tower, which suffered a 13c tumble yesterday despite news of a market turnaround in its September year result, lost a further 2c to 215.

Tower posted an after-tax profit for the September year was $54.6 million, from a loss of $149m last year.

Infrastructure investor Infratil was up 5c to 335. Mr Lynds said this was probably down to tomorrow being the record date for the company's dividend payout.

In the retail sector, Michael Hill was up 2c to 832, while The Warehouse bounced 8c from yesterday's fresh five year closing low to 376.

Property investment company Blue Chip was up 5c to 100 after announcing this morning it will buy a portfolio of central Auckland properties for $25 million in cash a new shares.

Other stocks to move in morning trade included: Carter Holt Harvey up a cent to 216, Contact Energy up 2c to 625, Dorchester Pacific up 8c to 289, Fletcher Building down 2c to 587, and Sky City up 2c to 469.

- NZPA