NZ stocks: Telstra dominates again

12.00pm

The sharemarket was marking time this morning while Australian heavyweight Telstra continued to dominate turnover.

The NZSE-40 capital index was up just 0.23 points at 2073.00 at 11.30am on turnover worth $64 million. That turnover was boosted by a crossing of 6 million Telstra shares worth $39.5 million. There was a similar sized crossing in Telstra yesterday. The stock was initially up 1c at 651 but then eased back to square.

Telecom was up 2c to 501

Wall Street failed to give a lead with prices mixed. The Dow fell 22.56 points to 10,249 following a profit warning from blue chip IMB while the Nasdaq recovered from a 2 per cent morning slump to end 15.8 points higher at 1786.

There were almost no price moves of note on the local market. Air New Zealand was flat on 35c despite further savage rises in international fuel prices overnight and further noise from Qantas that it was going to attack the New Zealand airline in Christchurch, where Air NZ has cut services.

Biotechnology company Genesis Research rose another 3c to 292 after it spiked 23c yesterday following a media report suggested it was ripe for a takeover bid.

The Sunday Star-Times reported that Genesis' low share price made it a tempting takeover target. In February last year, Genesis shares were worth $7.80 but within six weeks the company had shed $4 on news that at least one other competitor was ahead of Genesis in its psoriasis research.

Westpac NZ shares were down 5c to 1750. The Wall Street Journal reported Westpac was poised for a positive re-rating provided it could pull off the sale of AGC in the next few weeks and use those funds to buy back some of its own shares or make a strategic acquisition.

The Warehouse was up 6c at 736 after stronger than expected national retail sales in February. Pacific Retail was up 1c at 221. However, other retailers were down with Michael Hill off 9c at 520, Briscoe down 2c at 202 and Halenstein Glasson down 1c at 279.

Other moves included: Axa, down 8c at 362, Blis, down 3c at 57, Ebos, down 9c to 330, Fisher & Paykel Healthcare, down 6c 985, Contact Energy, up 2c to 384, Sanford, up 10c to 560, Baycorp Advantage, down 5c to 575, Software of Excellence, down 7c at 288, Steel & Tube, up 10 at 305 and TrustPower, down 10c at 320.

There were 25 rises and 32 falls among the 109 stocks traded to date.

- NZPA