NZ stocks: Index pushed to fresh high in morning trade

12.30pm

Gains by a number of second-tier stocks saw the New Zealand sharemarket's benchmark index hit a fresh high in morning trade today.

By 11.30am the NZSX-50 gross index was up 10.05 points or 0.38 per cent to 2658.27, after early rising as high as 2662.02 . Meanwhile the NZSX all capital index was up 2.59 points or 0.29 per cent at 897.00.

Turnover was worth $32.84 million and rises outnumbered falls 49 to 25 on 117 stocks traded.

Leading the indices higher were healthy moves by most of the top 10 stocks.

However, market leader Telecom bucked the trend and was down 5c to 573, "they've been quiet all week," Direct Broking's Peter Lynds told NZPA.

Elsewhere the market featured good gains by top stocks and "some of the lesser lights" and was generally firm following on from a strong day on US markets yesterday, Mr Lynds said.

Fisher & Paykel Appliances was a highlight, rising 17c to 455 on news it had struck a deal with US home improvement chain Lowes which will increase the number of US outlets selling its products by a half. The announcement "really hit the mark" Mr Lynds said.

Auckland International Airport was up 11c to 696. Carter Holt Harvey appeared to have shaken off its post result sell down and was 4c higher at 220.

Contact Energy was up 4c to 582 after Origin Energy and the Australian Gas Light Co were tipped as front runners for the purchase of Edison Missions 50.1 per cent stake in the company.

Fletcher Building rose 3c to 463, Sky City was up 6c to 456, and The Warehouse was up 4c to 437.

Powerco was up 6c to 204 on reports it is in merger talks with NGC Holdings which was up 3c to 263.

Other stocks to move by 11.30am included: Briscoe Group down 2c to 143 , Cavalier Corp down 5c to 490, Fisher & Paykel Healthcare up 8c to 1265, Freightway up 4c to 229, Infratil up 2c to 297, Michael Hill down 2c to 598, NGC Holdings up 3c to 263, NZOG up 2c to 72, NZX up 5c to 965, Oceana Gold down 5c to 105, Tourims Holdings up 3c to 165, Tranz Rail up 3c to 150, TrustPower down 5c to 415, and Wrightson down a cent to 140.

On overseas markets yesterday US stocks jumped on upbeat forecasts from a number of companies. The Dow Jones industrial average rose 144 points, or 1.4 per cent, to 10,461.20. The S&P 500 rose 16 points, or 1.4 per cent, to 1,139.95. The technology-laced Nasdaq Composite Index climbed 37 points, or 1.9 per cent, to 2,032.91.

In London, the FTSE 100 index closed 31.9 points or 0.7 per cent higher at 4,571.8, and Japan's Nikkei average closed up 0.30 per cent or 35.80 points to 11,980.10.

- NZPA