NZ stocks: Market moves up in early trading

12.00pm

The sharemarket opened firmly this morning, with both major indices gaining in early trading.

The benchmark NZSX-50 gross index was up 7.98 points, or 0.32 per cent at 2541.03 at 11.30am this morning. The soon to be defunct NZSX-40 capital index rose 6.67 points, or 0.29 per cent, to 2296.85.

Top stock Telecom accounted for $6.8 million of the market's early turnover of $19.3 million.

The market leader was up 3c at 582.

Of the 107 stocks traded by 11.30am, there were 32 rises and 25 falls.

Contact Energy continued to rise, up 6c at 530. Today's gains are on the back of a 7c rise yesterday after it was reported potential buyers were lining up for Edison Mission's sale of assets including Contact.

Other stocks heading north included Metlifecare up 9c at 219, Independent Newspapers, up 2c at 470, Waste Management up 3c at 433, Turners Auctions up 3c at 428, Fisher & Paykel Healthcare up 2c at 1170, Fletcher Building up 2c at 438, Wrightsons up 2c at 121 and GRD up 10c, or 4.76 per cent, to 220.

Stocks on the downside included Briscoes, losing 6c to 146, fellow retailer The Warehouse down 3c to 435, and Provenco down 1c at 65 cents.

- NZPA