NZ stocks: Market up in early trading

12.00pm

The sharemarket started the week in positive fashion, buoyed by gains in offshore equity markets.

By 11.30am, the benchmark NZSX-50 gross index was up 4.23 points at 2599.01 and the NZSX-All capital index was up 1.98 points at 882.10.

Bellwether stock Telecom was up 1c at 566.

Mike Pero's shares were trading at 95, a 5 cent discount on its $1.00 listing price.

The mortgage broking franchise company raised $10 million through an its initial public offering (IPO), with an oversubscription of 3 million shares allocated on Friday.

Total market turnover by 11.30am was worth $12.9 million, of which Telecom accounted for $4.5 million.

Of the 121 stocks traded there were 39 rises and 29 falls.

On Friday, the Commerce Commission said natural gas pipelines operated by NGC Holdings, Powerco, Vector, and Maui Development should be subject to price controls.

NGC shares were up 8c at 253 this morning, after slumping 20c to 245 on Friday, while Powerco was up 3c at 214 after falling 9c at 211.

This morning, Powerco said it had breached price and reliability guidelines set by the Commerce Commission.

New Zealand Oil & Gas (NZOG) was up 6c at 68. This morning the company said that good oil traces were found over seven meters of its Pukeko-1 well off the Taranaki coast. This follows on from Friday's news that NZOG will soon drill two more offshore exploration wells within 5km of its Amoikura well, also off the Taranaki coast.

Other stocks on the move in early trading this morning included: Briscoe up 2c at 132, Carter Holt Harvey up 1c at 202, Cavalier up 3c at 481, Contact Energy up 3c at 555, Hallenstein Glassons up 5c at 295, Restaurant Brands down 5c at 127, Telstra down 3c at 528, Fisher & Paykel Healthcare up 10c at 1285, F&P Appliances up 5c at 456, NZX up 8c at 910 and Mr Chips up 5c at 105.

- NZPA