NZ stocks: Sharemarket pushed higher

The New Zealand sharemarket pushed higher through this morning's session as the share price of several top-50 stocks continued to trend upwards, a broker said.

At 11.30am, the benchmark NZSX-50 index was up 7.97 points at 2967.01, another record high since the index began in March last year.

The NZSX-All capital index gained 3.02 points to 983.13.

Shares in market heavyweight Telecom were up 1c at 604, while those in second-ranked stock Contact Energy were unchanged at 636.

Among the 123 stocks traded were 52 rises and 16 falls. Market turnover was $35.1 million.

ASB Securities head of advisory Stephen Wright said the market has this week been buoyed by positive financial results and annual general meetings.

"Any stocks that had any momentum yesterday has continued this morning," Mr Wright told NZPA today.

"It's still a good market and there's money about... the only negative seems to be our currency but nobody seems to be worried about it."

The New Zealand dollar today opened at US71.72c, a fresh eight year opening high.

Courier firm Freightways was up 10c at a record 295 after yesterday gaining 15c on news of its performance in the first four months of the 2004/05 financial year.

For the four months ended October 31, Freightways' net profit after tax was $6.5m, against $4.6m in the same period last year.

Sky City Entertainment was up 2c at 497 on turnover of $10.7m, which equated to 30 per cent of that on market so far today.

"There's that rumour that somebody in Australia is looking at building up a stake (in Sky City)," Mr Wright said, noting that rumour had been doing the rounds for a while.

Nuplex -- up 10c at 540 -- was another on the move thanks to positive sentiment towards it from investors, Mr Wright said.

Auckland International Airport was up 1c at 775, adding to its 26c run-up this week.

Internet retailer Beauty Direct was up 0.1c at 13 after yesterday confirming plans to establish New Zealand's first listed pharmacy group.

Discount retailer The Warehouse was down 1c at 368.

Tower was up 2c at 227, adding to yesterday's 4c gain.

Other stocks on the move today included: AMP up 2c at 754, Ebos up 6c at 422, Fisher & Paykel Appliances up 3c at 432, Pacific Retail Group up 8c at 218, and Sanford up 6c at 480.

- NZPA