NZ stocks: Skellmax listing at small premium main highlight

12.00pm

The listing of Skellmax at a small premium to its issue price was the main highlight on an otherwise flat New Zealand market.

Skellmax, a dairy products seller and manufacturer, listed at $1.20 compared with its issue price of $1.15 and traded between $1.17 and $1.20.

Nigel Scott of ABN Amro, the Skellmax organising broker, said the price was good considering the rise of the New Zealand dollar, sloppy offshore markets and some negative publicity for new floats. He said the moderate turnover of $1.3 million showed investors saw the stock as a steady, long-term play.

The NZSE-40 Capital Index was up 3.46 points to 2164.72 at 11.30am. The index yesterday touched 2166 -- its highest level for 22 months. There was reasonable turnover of 24.6 million shares worth $40.9 million.

Mr Scott said the market was consolidating after two strong days.

Telecom was holding the market back, falling 8c to 523 as investors took profits. Turnover was solid at $14 million.

Carter Holt Harvey was up 6c to 216, its highest level for over two years.

Air New Zealand lifted 4c to 71c and Auckland Airport was up 3c to 459.

Fletcher Forests fell 1c to 24c following negative publicity about its recently announced deal to purchase the Central North Island Forests. Rubicon was also down 1c to 68c.

Baycorp Advantage was up 18c to 393, UnitedNetworks was up 10c to 840, while The Warehouse was down 3c to 787 as was Westpac NZ, to 1787.

There were 25 rises and 21 falls among just 99 stocks traded.

- NZPA