Gains in Telecom and a 6-1/2 month high for discount retailer The Warehouse boosted the New Zealand sharemarket today.
By late morning the benchmark NZSX-50 gross index was up 0.83 per cent, or 18.80 points, at 2297.32, while the top-40 index gained 0.83 per cent to 2199.91.
On Wall St the Nasdaq
Composite Index rose 3.97 points, or 0.22 per cent, to 1836.22; the broad Standard & Poor's 500 Index climbed 2.02 points, or 0.2 per cent, to 1020.24; and the Dow Jones industrial average edged up 18.60 points, or 0.20 per cent, to 9487.80.
Earlier, Britain's FTSE-100 climbed 39.9 points, or 1 per cent, to 4209.1.
In New Zealand, market leader Telecom was up 5c at 511, having experienced some heavy selling this week, while The Warehouse gained 19c to 584, its highest point since late March, as the market appeared to be re-rating the stock.
"People are a bit more comfortable with what's happening in Australia," James Snell of First NZ Capital said.
The Warehouse announced an 8 per cent fall in annual profit last month, but unveiled Project Urgency to revitalise its loss-making Australian business.
Fletcher Building lost 3c to 431, Carter Holt Harvey was up 2c at 173 despite warnings about pressure the buoyant currency was placing on business, Auckland Airport gained 10c to 660, Contact Energy rose 7c to 512, and casino company Sky City was up 6c at 870.
Turnover of 12.5 million, valued at $35.66 million was topped by Telecom's 3.54 million shares worth $17.89 million.
Interest was evident across the board, with buying in many of the market's second-tier stocks, Mr Snell said.
Baycorp Advantage was up 2c at 258, newly-listed Freightways was up 2c at 184, Promina gained 3c to 375, Hirequip was up 1c at 87, motor-maker Wellington Drive gained 2c to 67, Sanford was up 4c at 509, and Air New Zealand rose 1c to 52.
Tower was up 1c at 136 on moderate turnover, Fisher & Paykel Appliances rose 7c to 1467, and Guinness Peat Group was up 1c at 169.
Among the other retailers, Briscoe Group was up 7c at 197, Hallenstein Glasson gained 1c to 296, jeweller Michael Hill rose 4c to 430, and Pacific Retail was unchanged at 255.
AMP was down 2c at 766, Fisher & Paykel Healthcare lost 5c to 1295, Tranz Rail was down 1c at 108, NZX lost 2c to 448, and Westpac shed 10c to 1750.
Independent Newspapers Ltd rose 1c to 459 after confirming the details yesterday of its takeover offer for the remaining third of Sky TV, which opens on October 24. Sky TV shares were down 2c at 498.
Telstra, which was placed in a trading halt before the market opened, announced this morning that it planned to buy back between A$800 million ($925.6 million) and A$1 billion worth of shares.
Telstra shares resumed trading in New Zealand at 550, up 1c.
There were 49 rises and 16 falls on the 104 stocks traded.
- NZPA
Gains in Telecom and a 6-1/2 month high for discount retailer The Warehouse boosted the New Zealand sharemarket today.
By late morning the benchmark NZSX-50 gross index was up 0.83 per cent, or 18.80 points, at 2297.32, while the top-40 index gained 0.83 per cent to 2199.91.
On Wall St the Nasdaq
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