NZ stocks: Shares inch up on light turnover

The New Zealand sharemarket rose slightly on opening this morning, with the upward momentum continuing over the morning, albeit on light turnover.

Shortly after midday the NZSX-50 gross index was up 0.716 per cent or 15.25 points to 2145.65 and the NZSX-40 capital index was up 0.66 per cent or 13.63 points to 2080.31.

But turnover by 11.30am was very light at $13.7 million on 6.44 million shares.

ABN Amro Craigs Equities retail adviser Bryon Burke told NZPA the market had seen a "pretty quiet opening, with Telecom just pushing the index higher".

Market leader Telecom rose 3c to 518 noon.

Mr Burke said the stock had moved to match the closing equivalent of its US traded ADRs (American Depository Receipts).

Otherwise Mr Burke said there was little stock specific news available.

In New York, stocks rose yesterday, underpinned by solid earnings from companies like Texas Instruments Inc and spurred by news Saddam Hussein's two sons were killed in a gunbattle with US soldiers in Iraq.

The Dow Jones industrial average rose 61.76 points or 0.68 per cent to 9158.45, while the broader Standard & Poor's 500 Index gained 9.31 points or 0.95 per cent to 988.11. The technology-laced Nasdaq Composite Index rose 24.61 points or 1.46 per cent to 1706.02.

In London, gains in banking and heavyweight oil shares helped push Britain's blue chips to a higher close. The FTSE 100 index closed up 0.88 per cent or 35.4 points at 4079.7.

The German and French bourses also saw gains but Japan's Nikkei closed at three week lows.

Back in New Zealand , stocks to move in morning trade included: Auckland International Airport up 6c to 591, Briscoe up 2c to 193, Contact Energy up 6c to 480, Fisher & Paykel Appliances up 24c to 1300, Fletcher Building up 6c to 377, Mainfreight up 5c to 125, Michael Hill down 2c to 421, NZX up 5c to 475, Owens Group down 3c to 94, Port of Tauranga up 3c to 408, Sanford up 5c to 485, Sky City up 21c to 925, Sky TV up 5c to 457, TelstraClear up 5c to 530, Tower Group up a cent to 119, Tranz Rail up 2c to 98, and The Warehouse up 1c to 478.

There were 36 rises and 20 falls among 108 stocks traded by 11.30am.

- NZPA