NZ stocks: Sharemarket moves up in morning trade

12.00pm

The sharemarket continued to edge higher today, ahead of an expected interest rate hike by the Reserve Bank tomorrow.

At 11.35am today the benchmark NZSX-50 gross index was up 7 .97 points at 2738.66, while the NZSX-All capital index was up 2.84 points at 911.85.

As usual, bellwether stock Telecom dominated early trading, rising 6c to 570 on turnover worth $13.9 million. Total market turnover by 11.35am was $23.6 million.

Of 111 stocks traded there were 33 rises and 22 falls.

Stock exchange operator NZX fell 5c to 810 as it continued to feel the effects of Monday's collapse of discount broker Access Brokerage. Access' liquidators yesterday asked for patience from investors, while the Bank of New Zealand froze all accounts held in Access' name, including trust accounts.

Ports of Auckland fell 2c to 694 after a four day strike by about 260 port employees kicked off this morning. Last night a spokeswoman for the company said the cost of the strike could run into hundreds of thousands of dollars.

Air New Zealand was down 6c at 188, on news that British Airways is to sell its cornerstone 18.25 per cent stake in Australia's Qantas. It is not clear if this will affect efforts by Air NZ and Qantas to merge their trans-Tasman operations.

The Warehouse fell 10c to 438 ahead of the release of its full year result on Friday and on the back of a disappointing result from fellow-retailer Briscoe on Monday. Briscoe was down 1c at 139.

Other stocks on the move by 11.35am today included: Carter Holt Harvey down 1c at 232, Fletcher Building up 4c at 540, Lion Nathan down 10c at 750, and Auckland International Airport up 3c at 707.

- NZPA