NZ stocks: Telecom helps market edge into positive

12.00pm

A 3c rise by market leader Telecom to 565 helped lift the New Zealand sharemarket into the positive by noon.

The benchmark NZSX-50 index was up 4.02 points to 2621.41, while the NZSX-All capital index was up 1.06 to 888.97.

The telco's $34 million turnover comprised most of the market's $49 million total turnover.

Initially, Telecom was down. It issues its third quarter result in Sydney tomorrow. Among the 121 stocks traded were 33 rises and 23 falls.

News of the day was the listing on NZX of mobile radio communications firm Team Talk.

The company's 4.5 million shares were issued at 175c each through an initial public offering, but were trading at 225. They had traded as high as 230.

Westpac NZ were down 10cc to 1965 after the company announced its half year net profit and A$500 million share buyback that will apply on a pro rata basis to the New Zealand shares.

Shares on the move today included: Allied Farmers up 5c at 160, Briscoe, up 3c to 98, Mainfreight, up 7c to 579, Toll NZ up 2c at 155, and NZ Refining, 35c to 1885.

- NZPA