NZ stocks: Sharemarket softens from Friday high

The benchmark sharemarket index fell away from the record closing high it hit on Friday in light trading this morning.

By 11.35am today the benchmark NZSX-50 gross index had slipped 1.35 points to 2922.31, while the NZSX-All capital index had fallen 0.24 to 965.36.

Of the 142 stocks traded in the time there were 46 rises and 37 falls.

Top stock Telecom fell 3c to 597, on turnover worth $14.8 million, in total market turnover worth $26.5 million.

Tower, which today confirmed plans to spin off its Australian funds management businesses, was up 5c at 245. Tower will create a new company called Australian Wealth Management (AWM), which will incorporate Bridges and Tower Trust, and list on the Australian stock exchange. Tower will receive 120 million shares in AWM, worth A$1 each ($1.12), as well as cash payment of A$130 million.

Contact Energy which Friday announced the sale of its Victorian retail business Red Energy -- just five months after the business was launched -- was down 1c at 623.

The Warehouse, which goes ex-dividend 4 cps today -- was up 3c at 382. Other stocks on the move by 11.35am today included: Air New Zealand up 2c at 165, Carter Holt Harvey down 1c at 216, Cavalier down 5c at 455, NZX up 15c at 785, Fisher & Paykel Appliances up 3c at 428 and F&P Healthcare up 3c at 314.

- NZPA