Sharemarket lifts slightly in early trading

Friday 13th May 2011

Prices on the New Zealand sharemarket lifted fractionally today in early trading, even though with cornerstone stock Telecom reversed the 2c rise seen yesterday to drop 3c to $2.30.

Over 16 million Telecom (NZX: TEL ) shares were traded at this stage.

By 10.13am the benchmark NZX-50 index was at 3540.839 points, up 0.015% or 0.527 points on turnover of just under 20 million shares, which were valued at $54.1m.

At that point, there had been 155 stocks traded, with 16 rises and 7 falls.

Other falls were mostly on small volumes, including Contact Energy (NZX: CEN ) slipping 2c to $5.97.

Nuplex (NZX: NPX ) lifted 3c to $3.11 despite having issued an earnings downgrade yesterday.

Among the higher volumes in early trading, Goodman (NZX: GFF ) rose 3c to $1.42, Westpac (NZX: WBC ) lifted 8c to $31.85, and Sky City (NZX: SKC ) 2c to $3.75.

The Warehouse (NZX: WHS ) rose 2c to $3.71 as it announced that it expects a full-year profit of $76 million to $80 million.

In the US, the Dow Jones industrial average rose 65.89 points to close at 12,695.92. The S&P 500 index rose 6.57 to 1,348.65. The Nasdaq added 17.98 to 2,863.04.

NZPA

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