NZ stocks: Shares hit fresh high in early trade

The New Zealand sharemarket followed Friday's steer from Wall St to kick off the week on a positive footing and hit fresh highs in early trade.

By 11.30am the benchmark NZSX-50 gross index was up 17.85 points at a fresh intra day high of 3181.25, while the NZSX all capital index was up 3.92 points to 1039.89.

The local market's big three stocks Telecom, Contact Energy and Fletcher Building, which drove the benchmark index to a series of record closes last week, were also leading the way this morning.

Market leader Telecom was up 4c to 637.

Contact Energy -- which posts its first half result and holds its annual meeting tomorrow -- continued to push to higher and was up 8c to a fresh high of 710.

Fletcher Building which gained 6 per cent last week on a stunning half year result was up 9c to 726.

There was little reaction among listed retailers to figures released this morning showing December month retail sales fell a seasonally-adjusted 0.4 per cent from November.

Children's clothing retail chain Pumpkin Patch resumed its upward path after its spectacular post-listing rise was checked somewhat in recent sessions. This morning it was back up above the $3 mark having risen 12c to 306.

The Warehouse was up 5c to 415, and Michael Hill rose 5c to 745.

Other early risers among the top 50 included Ports of Auckland up 6c to 655, Cavalier Corp up 5c to 445 and Waste Management up 9c to 609.

Further down the board listed retirement village company Metlifecare was 4c higher at 374 after saying on Friday "qualified" potential buyers of founder Cliff Cook's 25 per cent shareholding will be allowed to do due diligence on the company.

Total turnover by 11.30am was worth $20.74 million and there were 45 risers and 15 losers among 117 stocks traded.

- NZPA