The New Zealand sharemarket started the week with a modest gain on modest volume.
A positive international backdrop is helping sentiment but the market continues to be in wait-and-see mode for the local corporate earnings season.
The benchmark NZSX-50 index closed up 12.693 points, or 0.452 per cent, at 2820.913. Turnover was worth $59 million. There were 48 rises and 34 falls among the 109 stocks traded.
"It is the usual quiet Monday," said Stephen Wright at ASB Securities.
"There is still generally a lack of corporate news so sentiment is just based on overseas markets, which were firm," he said.
Fletcher Building closed down 1c at 682. Mr Wright said the stock opened around 687, went to 694, then ended down.
"It just goes to show what a mixed and cautious market we have got," he said.
Contact Energy lifted 7c to 590 and Telecom lifted 2c to 273.
Air NZ rose 2c to 93 amid media reports that a merger with Virgin Blue would make sense for the airline but was unlikely.
Lion Nathan rose 14c to 1450 even though a report by Grant Thornton today said there will be more receiverships in the hospitality industry.
Delegats rose 10c to 215 after releasing a profit update predicting an improved profit.
SkyTV rose 4c to 422.
Nuplex rose 2c to 172 and NZX rose 2c to 760.
Mainfreight eased 3c to 407 and Freightways was unchanged at 287.
Infratil eased 2c to 172. Fisher and Paykel Appliances eased 2c to 69 and the healthcare stock eased 2c to 294. Tourism Holdings eased a cent to 46 and The Warehouse eased 6c to 364.
Seeka eased 10c to 250 and Sanford rose 10c to 530. Northport rose 5c to 200.
In the United States stocks closed out their best week in four months on Friday (local time) on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co.
The Dow Jones industrial average gained 0.4 per cent to 8743.94, the Standard & Poor's 500 Index dipped 0.04 per cent to 940.38, and the Nasdaq Composite Index added 0.1 per cent to 1886.61.
For the week, the Dow rose 7.3 per cent, the S&P 500 gained 7 per cent and the Nasdaq climbed 7.4 per cent.
- NZPA
Sharemarket opens week positive
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