NZ stocks: Shares flat in morning trading

The sharemarket was flat in lacklustre trading today, with the benchmark indices barely moving by late morning.

By 11.35am today the benchmark NZSX-50 gross index was up just 0.22 of a point to 3092.09, while the NZSX-All capital index had slipped 0.10 to 1013.88.

Heavyweight stock Telecom, which dominates the top 50 index with its 26 per cent weighting, lost 1c to 613 on turnover worth $26.4 million. Total market turnover by 11.35am was worth $48.4 million. Among the 112 stocks traded in the time falls outnumbered rises 37 to 32.

Fisher & Paykel Appliances was unchanged at 350, after yesterday losing 49c after it issued a profit downgrade. The company said it expected its full year earnings to be about 14 per cent lower than previously expected, at between $63m and $68m.

While F&P Appliances was downgrading its forecasts, Briscoe Group today told shareholders to expect a bit more. The retail group upgraded its profit forecast for the year ended January, despite today announcing a 6.62 per cent dip in same-store sales for the year ended January. Shares in the group gained 3c to 118 after it said its annual net profit would be higher than its previous estimate of $17.5 million.

Fellow discount retailer The Warehouse lost 1c to 385.

Tower fell 2c to 219. Yesterday the group announced the departure of its chief executive Keith Taylor, who will be replaced by Tower Australia boss Jim Minto.

New Zealand Oil & Gas (NZOG) rose 4c to a fresh high of 124, after yesterday setting October as the target date for making an investment decision about the joint venture that owned the Kupe offshore gasfield.

Other stocks on the move by 11.35am today included Auckland International Airport up 13c at 830, Hallenstein Glasson down 4c at 390, Mooring Systems up 5c at 510 and Pumpkin Patch up 1c at 314.

- NZPA