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Sharemarket lifts slightly in early trading

Friday 13th May 2011

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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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