NZ stocks: Index presses on to new heights

The benchmark sharemarket index pressed on to new heights today, although it lacked yesterday's impetus.

The indicator index, the NZSX-50 gross index, was up 3.61 points to 3520.59 at 10.20am, having gained 29.63 points yesterday.

Market leader Telecom, which has drifted in and out of favour over the past month, added another 3c to yesterday's 4c rise to sit on 552.

Fellow blue chip stock Contact Energy, up 6c yesterday, rose another 2c to 732 while Fletcher Building came off yesterday's 13-week high, easing 5c to 830.

Discount retailer The Warehouse continued to shrug off yesterday's half-year loss. It rose 4c to 376 despite the company noting sales were patchy and retail spending was slowing.

Michael Hill rose 8c to 720 and Nuplex was up 14c to 570.

Air New Zealand, helped by easing fuel prices, rose 2c to 135.

- NZPA