NZ stocks: Telecom dip leads shares down

12.00pm

The Top 50 share index dipped in early trading as the market gears up for a busy week on the domestic data front, including another expected rate hike by the Reserve Bank on Thursday.

At 11.35am today the benchmark NZSX-50 gross index was down 3.21 points to 272518 while the NZSX-All capital index was down 1.28 points at 908.07.

Top stock Telecom fell 1c to 565 on turnover worth $16.1 million.

Total market turnover in the time was worth $27.7 million. the 43 falls far outnumbered the 19 rises among the 114 stocks traded.

NGC Holdings, which is ex-dividend 10.5 cps today, was down 5c at 298. Steel & Tube Holdings which is ex-div 15 cps, was down 22c at 438.

NZX fell 30c to 805. The stock exchange operator today launched an inquiry into Wellington-based sharebrokers Access Brokerage, which has been suspended as an NZX member firm after being found in default. NZX chief executive Mark Weldon said NZX would strive to ensure none of Access' clients ended up out of pocket.

Options included managing the use of the Fidelity Guarantee Fund, pursuing legal action against those responsible, or using NZX's own funds -- which NZX is not legally obliged to do.

Auckland International Airport (AIA) was up 4c at 710, after slumping 21c on Friday following the discounted sale of a large parcel of shares by Colonial First State. The Australian fund manager sold 22 million shares in AIA, about half of its stake in the company, for 695 per share.

Other stocks on the move this morning included: AMP down 5c at 667, Lion Nathan down 8c at 762, Fletcher Building down 2c at 517, Contact Energy down 4c at 581, Pyne Gould down 5c at 600 and Carter Holt Harvey down 3c at 233.

- NZPA