NZ stocks: Sharemarket gains as top stocks rise

The sharemarket gained ground in early trading today, after two days of negative sessions.

By 11.35am today NZSX-50 gross index was up 5.11 points to 3151.43, while the NZSX-All capital index gained 1.29 points to 1033.65.

Auckland International Airport (AIA) was popular first off the mark this morning, gaining 27c to 865, but by 11.35am the stock had subsided to 845. AIA lifted its fully imputed interim dividend 43 per cent from 10.5cps to 15cps after today reporting a 20 per cent rise in its December half year net profit to $54.33 million.

Chairman Wayne Boyd said AIA was also considering another capital payout in the range of $100 million to $300 million. The board would make a decision by the end of the year.

A number of heavy hitters booked gains in early trading, with Telecom up 3c to 633, Contact Energy up 3c to 693 and Fletcher Building up 2c to 705.

Meanwhile, Air New Zealand was unchanged at 165. The national carrier today said it would pay its first dividend in four years, despite reporting a half year net profit of $102 million, down 3 per cent on the same period a year ago.

Of the 129 stocks traded by 11.35am today there were 38 rises and 31 falls. Total market turnover was worth $44.4 million.

Other stocks on the move by 11.35am included: Tenon down 6c at 462, Turners Auction up 4c at 424, Fisher & Paykel Healthcare down 5c at 302 and Port of Tauranga up 5c at 555.

- NZPA