NZ stocks: Telecom continues to buoy sharemarket

12.00pm

Strong trading in Telecom continued to buoy the sharemarket this morning.

By 11.35am today the benchmark NZSX-50 gross index was up 7.22 points to 2744.53, while the NZSX-All capital index was up 2.24 points to 921.38.

Telecom was up 3c at 586 on turnover worth $28.9 million. The top stock today announced it was to buy Computerland NZ for $26 million. Telecom said Computerland would continue to operate as a stand-alone company for at least 12 months.

The newly consolidated stock of Air New Zealand fell 2c to 190 after the airline today turned in a flat $166 million net profit after tax for the June year. The board did not declare a dividend, but signalled it would be in a position to do so in the 2004/05 year.

Sky City Entertainment slipped 2c to 455, after it today reported a net profit of $100 million for the June year, down from $107 million the year earlier. The company said this year's profit was affected by a write down on its Australian internet betting investment Canbet.

Other stocks on the move in early trading today included: AMP up 15c at 682, Promina up 6c at 441, Carter Holt Harvey up 1c at 248, Cavalier down 5c 500, Independent Newspapers up 4c at 509, Telstra up 2c at 528, Toll NZ up 3c at 226, The Warehouse up 2c at 454 and Mike Pero up 2c at 90.

Total market turnover by 11.35am was a healthy $47.1 million. Of the 124 stocks traded there were 50 rises and 25 falls.

- NZPA