NZ stocks: Market kicks on for fourth successive gain

12.30pm

The sharemarket today kicked onwards and upwards today, albeit at a milder pace than yesterday.

The market has had three straight gains including yesterday's 0.7 per cent rise. The influence from Wall Street was mildly positive ahead of the US presidential election tomorrow NZ time.

Today, the benchmark NZSX-50 gross index was up 4.86 points at 2836.62 at 11.45am.

Market leader Telecom was steady on 577. Trading in Telecom dominated the market with its turnover comprising two thirds of the market's total of $37m. Telecom is due to report its first quarter result on Friday but few surprises are expected.

Infratil was up 6c to 320 after reporting its September half year net profit more than doubled to $29.6 million from $12.5m a year earlier.

The utilities investment company announced a steady 5cps dividend, fully imputed, to be paid on November 26.

There was good turnover in Fisher & Paykel Healthcare. It was up 5c to 299.

Feltex Carpets was up 1c to 158 after reporting a 79.8 per cent improvement in its first quarter profit to $4.4m.

The company, which re-listed on the sharemarket in June after an absence of nearly 20 years, said it achieved the result in the three months to September on slightly lower revenue of $79.1 million -- down from $80.5 million last year.

There were few moves of note among the top 50. Contact Energy was up 3c 602, Waste Management was up 4c to 541, and Sky City was up 4c to 456. ANZ bank was down 8c to 2243 while Westpac was down 5c to 1970.

Selector Group was unchanged after announcing a one-for-10 bonus issue following the its purchase of New Image International Ltd.

There were 33 stocks up and 19 down among the 113 traded.

- NZPA