NZ stocks: Telecom and Tower keep market above water

12.30pm

Positive showings by market leader Telecom, Fisher & Paykel Healthcare and "in play" insurer Tower kept the sharemarket's head above water this morning.

At noon, the benchmark NZSX-50 index was up 1.70 points at 2738.58 on turnover of 13.4 million shares, worth $49m.

Tower rose 9c to 214 -- its highest level since it went into a calamitous slump nearly two years ago. The company has said it would spin off its wealth management business but brokers speculate that that is just so it can flush out a trade buyer for the unit, valued at around $255 million.

Fisher & Paykel Healthcare jumped 35c to a two-and-a-half year high of 1430. It has been climbing this month following two new product releases.

Countering the lift from those leaders, number 2 stock Carter Holt Harvey was off 4c at 221 and Fletcher Building was also down 4c at 559.

Lion Nathan, in the process of selling its breweries in China, was down 6c to 764.

Others in the negative included: The Warehouse, 3c to 420, AMP, 8c to 668, Water Management 5c to 518 and ANZ, 20c to 1970.

There were 1.7 million Ebos shares traded as a result of its second biggest shareholder Romney (No 30) quitting the company. Ebos was unchanged on 410.

Pure New Zealand today posted a preliminary June year loss of $862,000, an improvement of last year's deficit of $1.4m. Pure NZ did not issue a dividend and its stock was unchanged on 2.5c.

Restaurant Brands was also unchanged on 127 following its result yesterday. The fast food operator posted flat sales figures for the 16 weeks to September 6, but forecast better times ahead.

Rises numbered 20 and falls 36 among the 110 stocks traded.

- NZPA