Profit taking offsets overseas stock boost
New Zealand stocks opened mixed in morning trade, with moderately buoyant overseas leads offset by renewed profit-taking in blue chip stocks.
New bank Heartland New Zealand rose, and PGG Wrightson fell.
The NZX 50 index rose 0.4 points, or 0.01 per cent, to 4,187.52 in the first 30 minutes of trade.
The benchmark index was split between gainers and decliners, with 14 stocks up and 20 down.
On Wall Street, the Dow Jones was up 0.46 per cent to 13,712 while the S&P 500 added 0.44 per cent to 1,492.5.
European equities were mixed as markets got wind of a report that German authorities were looking at separating some banks' operations.
The New Zealand dollar crept back past the US84c mark overnight after Japan announced its aggressive monetary easing plan yesterday.
The kiwi recently traded at US84.09c, easing up from US84c at 8am and US83.90c at 6pm yesterday.
Heartland New Zealand, the country's newest bank, led gainers, up 1.5 per cent to 68c.
New Zealand Oil & Gas, the energy exploration and production firm, rose 1.2 per cent to 87c.
Cloud accounting software firm Xero rose 0.7 per cent to $7.45.
Precinct Properties, the real estate development company, rose 0.5 per cent to 99c. Goodman Property Trust, the listed real estate investor, rose 0.5 per cent to $1.03.
PGG Wrightson led decliners, as investors booked profits from yesterday's rally. Stock in the rural service supply company retreated 2.2 per cent to 45c.
AMP, the Australian wealth manager, fell 1.2 per cent to $6.42.
Fast food franchise operator Restaurant Brands fell 0.7 per cent to $2.86.
Bluechip stocks Telecom and Fletcher Building paced the decline, accounting for roughly half the 8.8 million shares that changed hands.
Fletcher fell 0.2 per cent to $9.27 and Telecom fell 0.2 per cent to $2.36.
- © Fairfax NZ News