NZ stocks: Market starts week on positive tone

The sharemarket got the week off to a rosy start this morning, following the release of a slew of financial results last we* ek.

By 11.35am the benchmark NZSX-50 gross index was up 5.70 points to 2740.10 and the NZSX-All capital index had risen 1.55 points to 921.30.

Bellwether stock Telecom was down 1c at 583, on turnover worth $11.1 million.

Total market turnover by 11.35am was worth $32.3 million.

Rises outnumbered falls 43 to 25 among the 123 stocks traded.

ASB Securities head of advisory Stephen Wright said the overall tone of the market was quiet, but firm.

"In general results have been good, so price movements have been positive," he said.

Among those on the rise was Independent Newspapers (INL), up 10c to 512. Last week INL reported a net profit of $70.9 million and also announced merger plans with its 78 per cent owner Sky TV.

Sky TV was up 7c at 549. It reported a June year net profit of $35.3m last week.

Jeweller Michael Hill fell 8c to 650, after gaining 28c on Friday on the back of announcing a 30 per cent hike in net profit.

Cavalier was unchanged at 497, following on from a 4c rise on Friday to 497. The carpet maker posted a record net profit after tax (npat) of $21.01 million last week.

Mr Wright said other stocks were up ahead of the release of their financial results this week, including Feltex up 1c at 175, Auckland International Airport up 5c to 727 and Sky City Entertainment up 2c at 462.

In the US on Friday night, the Dow Jones industrial average added 69.32 points to 10,110.14, the Standard & Poor's 500 Index was up 7.12 points at 1098.35 and the Nasdaq Composite Index gained 18.12 points to 1838.01.

- NZPA