NZ stocks: Shares race past 3000 mark

The benchmark sharemarket index jumped back over the 3000 mark this morning, after breaking the psychologically important barrier in late trading yesterday.

By 11.35am today the NZSX-50 gross index was up 17.93 points at 3016.80, while the NZSX-All capital index was up 4.91 points at 990.63.

As usual bellwether stock Telecom led the way, gaining 5c to 615.

Its Australian-owned telco rival, Telstra, was up 3c to 534, after yesterday announcing its chief executive Ziggy Switkowski was on the way out.

Meanwhile, the release of the Commerce Commission's much anticipated report on gas control saw NGC rise 2c to 313. The commission recommended price controls on Vector and Powerco, but not NGC.

Energy Minister Pete Hodgson said he would consider the report and comments from stakeholders carefully before making final recommendations in the middle of next year.

Stock exchange operator NZX rose 20c to 880.

Yesterday, NZX chief executive Mark Weldon welcomed proposed tax changes which would eliminate tax on stock lending. Mr Weldon said the proposals were like adding a "power tool" to the local investment market toolbox.

Ports of Auckland were unchanged at 665, after the company settled a labour dispute that closed the port for four days in September.

Air New Zealand was up 1c at 161. The airline said today eight staff had been sacked for internet abuse. A spokesman could not confirm reports up to 100 others were under investigation for similar abuses.

Total market turnover by 11.35am today was worth $55.1 million, with 45 rises and 22 falls among the 132 stocks traded.

Other stocks on the move this morning included: Auckland International Airport up 7c at 790, Contact Energy up 6c at 638, Fletcher Building up 9c at 631, Carter Holt Harvey up 2c at 228 and Tower up 1c at 216.

In the US overnight, the Dow Jones industrial average rose 133.89 points to 10,561.91, the Standard & Poor's 500 Index was up 14.38 points at 1188.20 and the technology-laced Nasdaq Composite Index leaped 34.93 points to 2131.74.

- NZPA