NZ stocks: Little overall change today

Nuplex shares rose and Fletcher Building and Telecom shares fell, leaving the New Zealand market little changed overall today.

The flat performance was a contrast to a rally on Wall Street on Tuesday and strength in Asian markets today but brokers said the local market had been doing its own thing for a while.

"It is disappointing. Fletcher Building looks like it is having correction to recent price gains," said Grant Williamson, director at Hamilton, Hindin Greene.

Current account data out today was disappointing and some investors are waiting for gross domestic product data on Thursday. Fonterra said its revenues fell $300 million in the past half year, but that world dairy prices were continuing to recover.

The benchmark NZX-50 index closed up 4.355 points, or 0.135 per cent at 3232.724. Turnover was worth $72.68 million.

There were 43 rises and 39 falls among the 121 stocks traded.

Nuplex rose 13c to 345 after the resins and specialty chemicals supplier said yesterday that it had agreed to acquire the goodwill of the Australian and New Zealand ingredient business of the Med-Chem group of companies for an undisclosed sum.

"It has been an amazing recovery from when they were in a bit of financial strife over a year ago," said Mr Williamson said.

Fletcher Building fell 2c to 830 and Telecom fell 1c to 213.

Kathmandu, which is starting its Easter sale promotion, rose 1c to 241. The Warehouse rose 1c to 399 and Hellaby rose 2c to 162.

NZ Refining fell 25c to 395. Brokers said there had been reasonable buy orders in the stock recently and they were absent today.

Infratil fell 1c to 165. SkyCity fell 2c to 329 and GPG fell 1c to 85.

Auckland Airport was unchanged at 192 after announcing it was placed ninth in the 2010 Skytrax World Airport awards.

Contact Energy rose 2c to 612 and TrustPower rose 6c to 716.

Port of Tauranga rose 3c to 700 and SkyTV rose 2c to 518.

Pyne Gould Corp rose 2c to 49 after announcing an insurance joint venture with the Automobile Association.

OceanaGold rose 15c to 340 as a national debate about mining continued.

Tenon fell 10c to 90.

US stocks rose on Tuesday, lifting the Dow and the S&P 500 to 18-month closing highs, as a report signalling further signs of stabilisation in housing fuelled investor appetite for riskier assets.

The Dow Jones industrial average rose 102.94 points, or 0.95 per cent, to end at 10,888.83. The Standard & Poor's 500 Index gained 8.36 points, or 0.72 per cent, to finish at 1174.17. The Nasdaq Composite Index shot up 19.84 points, or 0.83 per cent, to end at 2415.24 -- its highest close in 19 months.

- NZPA