NZ stocks: Telecom gives market leg up to fresh high

12.30pm

A brisk start by top stock Telecom kicked off a 15-point surge by the sharemarket's benchmark index which hit a fresh high in morning trade.

Telecom, which carries a 26 per cent weighting in the NZSX-50, quickly rose on opening and was up 6c to 605 at midday.

A number of other top stocks followed suit and by noon the benchmark NZSX-50 gross index was 16.08 points higher at 2939.54, while the NZSX all capital index was up 4.48 points at 973.34.

Prospects of strong growth in tourism and a consequent rise in profitability announced at its annual shareholders meeting yesterday saw Auckland International Airport's shares rise 17c to a fresh of high 777. The rise added to the company's 12c gain yesterday.

Ports of Auckland also gained strongly, rising 11c to 662, while AMP was up 10c to 750.

Jeweller Michael Hill was up 4c to 839 -- a cent shy of its best ever close, and children's clothing retailer Pumpkin Patch which held its AGM yesterday was up 2c to 231.

Total turnover by late morning was worth $30.71 million and there were 41 rises and 24 falls among 124 stocks traded.

- NZPA