NZ stocks: Market rises, builds on yesterday's Telecom gains

12.00pm

The New Zealand sharemarket continued into positive territory today after yesterday's rise on the back of market leader Telecom.

By late morning the NZSX-50 gross index was up 0.01 per cent, or 0.26 points, at 2301.20, while the top-40 index gained 0.03 per cent to 2202.81.

Late morning turnover of 10.50 million stocks valued at $19.07 million was topped by Telecom's $4.7 million worth of shares.

On Wall St the Dow Jones industrial average rose 49.11 points, or 0.51 per cent, to 9680.01; the broader Standard & Poor's 500 Index rose 4.95 points, or 0.48 per cent, to 1038.73; and the Nasdaq Composite Index was up 18.12 points, or 0.96 per cent, at 1911.90.

In London the FTSE-100 rose 45.3 points or 1.1 per cent to 4313.9.

Telecom was unchanged at 512 following its annual meeting yesterday at which shareholders agreed to an increase in chief executive Theresa Gattung's salary package, and approved the election of former Bank of New Zealand head Lindsay Pyne.

Discount retailer The Warehouse reversed an early 3c rise, trading down 1c at 151 by late morning.

Sky City gained 3c to 867, Auckland Airport was up 6 at 652, Fisher & Paykel Appliances rose 5c to 1485, Pacific Retail was up 4c at 269, and Westpac was up 5c at 1790. Many moves were on light turnover.

Fletcher Building was up 1c at 428, retreating from an early jump to its high of 432, which it first brushed a week ago.

Dunedin-based robotics and automated production line manufacturer Scott Technology piled on 12c at 310, having hit 320 earlier in the session after posting a record annual profit yesterday on increased sales.

Clothing retailer Hallenstein Glasson was up 4c at 299, Briscoe rose 1c to 81, Powerco was up 1c at 185, Restaurant Brands rose 1c to 136, Ebos was up 6c at 335, and Rubicon rose 1c to 73.

Carter Holt Harvey was down 1c at 176, Contact Energy lost 2c to 508, Port of Tauuranga was down 10c at 420, Telstra lost 4c to 561, BIL International fell 1c to 70, Cavalier was down 1c at 530, fish exporter Sanford was down 4c at 521, and rural services company Wrightson was down 1c at 151 ahead of its annual meeting this afternoon.

Tranz Rail was unchanged at 110, matching the offer price from Toll Holdings. Toll's bid closes at 5pm today, and this morning the Australian logistics company was below its 90 per cent threshold with about 75 per cent of shareholder acceptances.

Shares in financial services company AMP were placed on hold before the market opened this morning pending the announcement that it had received regulatory approval for its proposed demerger.

AMP shares closed yesterday at 770 yesterday.

There were 29 rises and 23 falls among the 111 stocks traded.

- NZPA