NZ stocks: Shares firm in morning trade

The sharemarket ventured into positive territory this morning, nudged along by a gain in top stock Telecom.

By 11.35am the benchmark NZSX-50 gross index had gained 10.25 points to 3056.98 and the NZSX-All capital index was up 2.88 points at 983.04.

Telecom, which with its 26 per cent weighting on the top 50 index generally guides the market, gained 4c to 606, on turnover worth $13.8 million. Total market turnover in the time was worth $24.9 million. Of the 121 stocks traded by 11.35am today there were 40 rises and 31 falls.

Feltex gained slightly from the all time low it hit yesterday, rising 3c to 89c. Investors have been dumping shares in the carpet maker since it issued a profit warning last week.

Meanwhile, Capital Properties gained 2c to 124 on yesterday's news it was abandoning plans to sell the management rights to its property portfolio.

Air New Zealand slipped 1c to 150. Yesterday the nation's flagship carrier announced plans to launch a new-look internet booking engine which would allow customers to book their entire holiday online.

CanWest MediaWorks gained 2c to 195. Yesterday the broadcaster reported a 12 per cent jump in trading profit to $37.9 million for the February half year, against $33.7m in the previous same period.

The company also announced its maiden dividend of 4c a share.

Lyttelton Port, which is in the middle of union talks to try to settle a new collective agreement, fell 1c to 175.

Other stocks on the move by 11.35am today included: Fletcher Building up 3c at 645, The Warehouse down 3c at 386, Auckland International Airport up 6c at 850 and Sky City Entertainment up 4c at 485.

- NZPA