NZ stocks: Market edges higher in moderate session

The sharemarket edged higher today in a moderate session buoyed by good news from several top 50 companies, a broker said.

At 5pm, the benchmark NZSX-50 was up 7.87 points at 2656.23, while the NZSX-All capital index was up 2.07 points at 897.84.

A dip in the share price of market heavyweight Telecom -- down 2c at 568 -- helped dampen the the indices' overall performance.

Turnover was $89.8 million, with 56 rises and 41 falls included in the 155 stocks traded.

Hamilton Hindin Greene partner Adrian Vance said today's session was moderate as investors looked ahead to tomorrow's official cash rate review.

Shares in Fisher & Paykel Healthcare continued to gain, today up 18c at 1328 after speculation its United States market could significantly increase due to possible regulatory changes.

Healthcare's products are used in the US to treat sleep apnoea in a clinical setting, but moves are under way to allow people to treat themselves at home.

"That (the US news) is creating some interest. It's a very good company with a very good product," Mr Vance told NZPA today.

"A bit of good news had really brought this stock to life."

Kiwi Income Property Trust shares fell 3c to 106 after it today said it had raised $50 million in a placement of 49.5 million new units to fund its purchase of Wellington's Unisys House.

"The asset value is 113, but that might have come off slightly with this (announcement)," Mr Vance said.

Also today, Calan Healthcare Properties Trust is in talks to sell its 20.66 per cent stake - worth $6.7 million - in the The Ascot Hospital & Clinics, the operator of Ascot Hospital.

Calan shares were unchanged at 90c.

Gas and electricity distributor Powerco was up 4c at 207 after posting a net profit of $55.143 million for the March year.

Insurers Tower, up 5c at 172, and AMP, up 16c at 690, continued their good runs.

Other stocks on the move today included: Auckland International Airport up 4c at 675, Cavalier up 5c at 495, Independent Newspapers up 11c at 506, TrustPower up 6c at 419, Baycorp Advantage up 5c at 318, Sky Network TV up 15c at 545, The Warehouse down 2c at 446, and Carter Holt Harvey down 1c at 214.

Overseas, the Dow Jones ended up 33.43 points at 10,478.16, the S&P 500 added 2.62 points to 1138.15, and the Nasdaq Composite Index eased 4.24 points to 2032.53.

In Britain, the FTSE-100 index was up 3.9 points 4575.7.

- NZPA