NZ stocks: Shares soften slightly in morning trade

12.10pm

The New Zealand sharemarket traded slightly lower this morning, with the headline index easing on small losses by a number of top stocks.

Shortly before midday the NZSX-50 gross index was 4.93 points lower at 2849.80, while the NZSX all capital index was 1.83 lower at 948.12. Total turnover by 11.30am was $37.13 million and there were 28 rises and 42 falls among 118 stocks traded.

ASB Securities head of advisory Stephen Wright said the market was relatively quiet, with trade in recent market focus Powerco declining a little but still seeing substantial turnover worth $9.65 million.

Market leader Telecom was a cent lower at 597 on turnover worth $15.02 million. Yesterday, chief executive Theresa Gattung told shareholders at Telecom's annual meeting, the telco's dividend plan was to pay out 85 per cent of profits and the company was sticking with that.

Across other top stocks Carter Holt Harvey was down a cent to 231, Contact Energy was up a cent to 599, Fletcher Building was down 2c to 580, SkyCity was up a cent to 453, and Sky TV was down 5c to 535.

Fisher & Paykel Healthcare extended yesterday's losses this morning, falling 6c to 292. The company has drifted down on reports sleep apnoea products could not be sold over the counter in the US. The news had affected rivals and was now hitting Fisher & Paykel Healthcare itself, Mr Wright said.

Freightways was down 7c to 260 after Australian freight giant Toll Holdings last night unveiled plans to enter the national express freight market.

Tower was still finding support, with the stock rising 3c to 226.

Tightly held stock New Zealand Refining Co raced $1.75 higher to 2400 on rising oil prices.

Other stocks to move this morning included: Auckland International Airport up 3c to 715, Michael Hill down 5c to 740 and Ports of Auckland down 5c to 665.

- NZPA