NZ stocks: Top indices eek out mild gains in lacklustre early trade on NZX

12.25pm

The sharemarket tiptoed higher in morning trade with two of its key indices eeking out mild gains amid very quiet trade.

At 11.30am, the benchmark NZSX-50 was up 1.43 points at 2742.20, while the NZSX-All capital index was up 0.47 of a point at 915.92.

Shares in market heavyweight Telecom were up 1c at 569 on turnover of $8.4 million. Market turnover was $22.1m.

Hamilton Hindin Green broker Grant Williamson said there was little trade of note on the NZX boards this morning.

"Volumes are very light and there's no real leads from offshore," Mr Williamson told NZPA today.

Fisher & Paykel Appliances edged up 1c to 406, after yesterday shedding 5c.

It's sister company, F&P Healthcare, was up 5c at 1435, a 2-1/2 year high.

Yesterday investors reacted positively -- Healthcare shares rose 35c -- to news the company is pushing further into the United States market.

"That (Healthcare) is probably the standout amongst the bigger stocks," Mr Williamson said.

"Performance wise, for the last wee while, it has been doing extremely well," he said.

Lion Nathan was unchanged on 760 after confirming it had entered an unconditional agreement to sell its Chinese beer business for US$154m ($237.36m).

"It was pretty much built in and the market pretty much knew it was going to happen before it was announced."

Tower was unchanged at 210, after yesterday gaining 5c.

The financial services company is preparing to offload its Australian wealth management business, which is valued at about $255m.

Other stocks on the move included: Air NZ down 1c at 188, Contact Energy up 3c at 576, NGC Holdings up 3c at 298, NZX up 3c at 818, Sanford up 8c at 430, and The Warehouse down 7c at 413.

Among the 119 stocks traded were 26 rises and 35 falls.

- NZPA