NZ stocks: Slight rise after string of results

12.30pm

The sharemarket eked out a similar gain in early trading this morning to yesterday's rise as company results flowed in.

Despite a 3c fall in market leader Telecom to 586, the NZSX-50 gross index was up 2.67 points at 2740.73 at 11.30am, while the NZSX-All capital index was up 0.40 of a point at 921.56.

Turnover was worth a paltry $20.4m.

Greenslades broker Paul Valk said despite a string of positive results out this morning there was little activity.

"The results have been pretty much as expected," Mr Valk told NZPA today.

Rupert Murdoch's Independent Newspapers rose 27c to 500, having early rised to 510, after it announced merger plans with its 78 per cent-owned Sky TV last night. ]

Sky, which was up 10c to 542, reported a June year net profit of $35.3m against $700,000 a year earlier.

It reported strong growth in subscribers from its non-sport entertainment channels.

INL reported a net profit of $70.9m, down from $388m when it sold its newspapers to Fairfax.

There was $5.1m turnover in INL shares, eclipsing the $4.4m worth of Telecom shares to change hands.

Michael Hill International jumped 30c to 660 after it posted a 30 per cent lift in net profit to a record $15.1m with good sales growth in Australia and New Zealand.

Mr Valk said the Michael Hill result -- especially news of the sales growth -- was well received by investors and the firm's shares had hit an all time high as a result.

Forest products company Tenon was down 1c to 201 despite reporting a net lost of $42m. The loss was down from $271m a year earlier.

Mr Valk said it was encouraging for Tenon to reduce its net loss, although there had been little reaction in its share price, suggesting the result was expected by the market.

Nuplex's 38 per cent list in net profit to $28.4m plus a dividend hike failed to inspire investors. Its share slipped 5c to 525.

Nuplex's result was in line with other companies with strong links to the construction sector, Mr Valk said.

Turners Auction, which reported yesterday, was up 1c at 475.

Elsewhere, Fisher & Paykel Appliances rebounded 6c to 428 following its battering earlier in the week following its result.

AMP, also pounded following its result, regained 3c to 654 today.

Port of Tauranga was up 3c to 518 and Westpac NZ was down 17c to 1702.

There were 32 stocks up today against 36 down among the 124 traded.

- NZPA