NZ stocks: Benchmark sharemarket index hits 3000 again on thin trade

The sharemarket popped its head above the 3000 mark again this morning, albeit on modest trading volumes.

By 11.35am today the benchmark NZSX-50 gross index was up 8.65 points to 3000.11, while the NZSX-All capital index had gained 2.92 points to 986.07.

Telecom rose 4c to 596 on thin turnover worth $7.2 million. The telco giant, which carries a 26 per cent weighting in the top 50 index, today announced it had struck an unbundled bitstream service (UBS) deal with internet provider ihug.

Carter Holt Harvey continued to rise this morning, up 3c at 208. Yesterday the company announced it had conditionally agreed to buy Tenon's Structural Solutions business for more than $165 million. Tenon was down 4c at 216.

Trustpower gained 1c to 545 after it announced plans to build a new 120 megawatt, $220 million wind farm in the Tararua ranges.

The wind farm would consist of 40 turbines, each delivering 3MW of power -- enough to power 52,000 homes. Trustpower said it planned to have the farm running before winter 2006.

Fellow energy firm Contact Energy was down 1c at 621.

Retail stocks offered another mixed bag this morning, with Pumpkin Patch down 1c at 270, Postie Plus up 1c at 88c, and The Warehouse down 6c at 372.

Total market turnover by 11.35am was worth $20.5 million, with 53 rises and 22 falls among the 134 stocks traded.

Other stocks on the move by 11.35am included: GRD up 15c at 290, NZX up 5c at 930, Lion Nathan up 16c at 910, Ports of Auckland down 12c at 680 and Sky Network TV up 5c at 605.

- NZPA