NZ stocks: Positive US sentiment lifts NZ shares on thin trade

12.00pm

The sharemarket made positive progress albeit on light turnover this morning as positive sentiment from the US cheered investors.

By 11.45am the NZSX-50 gross index was 13.84 points higher at 2612.37 while the NZSX all capital index was 3.28 points higher at 877.41.

Turnover by 11.30am was worth $26.41 million and there were 38 rises and 19 falls among 105 stocks traded.

ASB Securities head of advisory Stephen Wright said the local market was up on positive sentiment from the US where the Dow Jones index added 60 points yesterday.

There were "good things" coming out of the US in terms of economic data, and the dip in oil prices below US$40 a barrel overnight had also helped.

However, despite the local market's rise, "volumes are mighty low and we've been seeing this for a while," Mr Wright said.

Leading the market higher this morning was Telecom up 3c to 552, Carter Holt Harvey up 3c to 204 and Contact Energy up 2c to 565.

Fisher & Paykel Healthcare continued its recent good run, rising 7c to 1312.

Elsewhere across the top 50, Restaurant Brands was up a cent to 122 following its lively annual meeting yesterday. The company's top executives faced shareholder criticism over the drop in profits in recent years.

Takeover target Tenon was up 2c at 193. This morning suitor Rubicon filed a notice to the NZX saying it had received acceptances for its takeover offer equal to 43.8 per cent of Tenon. It is seeking 50.1 per cent. The offer closes at 5pm today. The success of the bid may hinge on 6.85 per cent shareholder AMP Capital Investors, which has a reputation for not showing its hand until the end of bid periods.

Other stocks to move by 11.30am included: Briscoe Group down 2c to 131, Cavalier Corp up 2c to 478, Independent Newspapers Ltd up 8c to 495, Nuplex up 6c to 526, NZ Refining Co up 25c to 1975, Port of Tauranga up 3c to 513 and The Warehouse down a cent to 429.

- NZPA