NZ stocks: Telecom leads market higher at week's start

12.00pm

Market leader Telecom piloted the sharemarket higher at the start of the week.

It rose 9c to 505, its highest level in more than a month.

The lift was on solid turnover worth almost $9 million, about one third of the total market turnover.

The NZSE-40 Capital Index was up 8.42 points at 2033.09 at 11.35am.

There was also good turnover in Fisher & Paykel Healthcare, steady on 945, F&P Appliances, up 9c to 984, and Lion Nathan which was down 5c at 592.

Sky City was up 5c at 647, Briscoe up 3c to 260, Ebos up 5c to 287, Hallenstein Glassons, up 6c to 267, Mr Chips up 6c to 106, Ports of Auckland, down 10c to 620 and Wellington Drive down 3c to 38c.

Air New Zealand, which said it was announcing a new air points system at noon, was up 1c at 60c.

Rises outnumbered falls 37-26 among the 107 stocks traded.

JB Were broker Joe Gallagher said company reports issued to date had mostly been strong and others such as Natural Gas, Ports of Auckland and Wrightson were forecast to be solid. But most interest was in the outlook ahead where many companies were expected to lose some momentum.

Wall Street on Friday had a mixed day. Technology stocks rose as an upbeat outlook from Dell Computer Corp. boosted hopes for the beleaguered industry, but blue-chip shares slipped as paper companies tumbled on asbestos lawsuit fears.

The Dow Jones industrial average closed down 40.08 points at 8,778.06 while the Nasdaq Composite Index finished up 16 points, or 1.19 per cent, at 1,361.01.

- NZPA