NZ stocks: Market rises across the board

12.15pm


The sharemarket perked up for a solid showing by mid-morning, after getting off to a lumbering start.

By 11.30am the benchmark NZSX-50 gross index was up 10.22 points to 2717.38, while the NZSX-All capital index rose 2.87 points to 910.46.

ASB Securities head of advisory Stephen Wright said it was a good solid day all around on the sharemarket, with stocks up "across the board."

Bellwether stock Telecom led the way, up 3c at 588 on thin turnover worth just $2.9 million.

Total market turnover at 11.30am today was $29 million.

Number two stock Carter Holt turned over the biggest volume of shares this morning, with 815,371 shares changing hands, at a total value of $1.8 million. The stock rose 2c to 221, as the company prepares to release its half year financial result on Thursday.

Sky City Entertainment was up 5c at 491, after last week announcing it had received regulatory approval for the purchase of Darwin's only casino.

Mr Wright said the rise was unlikely to be a direct result of this news, as investors had tended to take a negative stance towards Sky City's forays into Australia in the past. He said the market could be anticipating a good result from the company next month.

The Warehouse continued to rally, up 7c to 417, on the back of a 4c rise yesterday. Fellow retailer Briscoe was up 1c at 130. Michael Hill Jeweller fell 5c to 605, which Mr Wright said was probably due to profit taking after a recent good run.

Smith's City fell 2c to 78, after yesterday graduating from the NZAX to the main board.

The 48 rises by 11.30am today outweighed 23 falls among the 121 stocks traded.

Other stocks on the move in the early trading included: Fisher & Paykel Healthcare up 5c at 1305, F&P Appliances up 1c at 458, Fletcher Building up 3c at 473, Auckland International Airport up 3c at 680, and Wrightson up 6c at 144.

In the US yesterday, the Dow Jones industrial average fell 45.72 points to 10,094.06, its lowest close since May 24. The Standard & Poor's 500 Index slipped 0.49 of a point to 1,100.90 and the Nasdaq Composite Index rose 0.68 of a point to 1,883.83.

- NZPA