NZ stocks: Shares head higher on opening

NZ stocks: Shares head higher on opening

The New Zealand sharemarket headed higher shortly after opening this morning as the buoyant mood prevalent during yesterday's session persisted.

By 10.12am the benchmark NZSX-50 gross index was 3.91 points or 0.15 per cent higher at 2627.93, while the NZSX all capital index was up 0.33 points or 0.04 per cent at 888.17.

Yesterday, the NZSX-50 gained nearly 15 points after positive movements offshore, and the release of favourable domestic inflation data.

Meanwhile, contributing to the market's early rise this morning were gains by Auckland International Airport which by 10.30am was up 4c to 648, Fisher & Paykel Appliances up 4c to 442 and Telecom which was up 3c to 577.

Elsewhere among the top 50 stocks, Carter Holt Harvey was unchanged on 227, Contact Energy was up a cent at 549, Fletcher Building was up a cent at 464, NGC Holdings was up 3c to 258, Promina was up a cent at 426, Tenon was up a cent at 196, and the Warehouse was up a cent at 430.

Other stocks to move in early trade included: Mainfreight up 3c to 187, Tranz Rail down 2c to 143, and Turners Auctions up 2c to 452.

Total turnover by 10.30am was worth $19.56 million and there were 30 rises and 15 falls among the 98 stocks traded.

On overseas markets yesterday , Wall St's technology-laced Nasdaq Composite Index rose 24.66 points, or 1.24 per cent, to 2,020.40. The Dow Jones industrial average dropped 14.12 points, or 0.14 per cent, to 10,437.85, while the Standard & Poor's 500 Index gained 1.21 points, or 0.11 per cent, to 1,135.82.

London's FTSE 100 closed at 4,546.2 points, up 8.9 or 0.20 per cent, and Japan's Nikkei average ended down 0.51 per cent or 60.35 points at 11,764.21.

- NZPA