NZ sharemarket posts tiny gain

The New Zealand sharemarket posted another modest gain today to end a week in which global markets wobbled with composure.

The benchmark NZX-50 index closed up 3.856 points, or 0.117 per cent, at 3286.127, having yesterday edged up 1.7 points. Turnover was worth $90.77 million. There were 49 rises and 28 falls among the 111 stocks traded.

A string of robust earnings reports in the United States is currently eclipsing worries about contagion from the financial crisis in Greece.

"Overseas markets had a bit of a technical bounce last night and are fairly cautious into the weekend. I don't think anyone wants to take on any new positions," said James Snell, director of institutional equities at First NZ Capital.

Buyers were also cautious ahead of the release of the Henry Tax Review in Australia on Sunday. Among the issues of importance to New Zealand are what corporate tax rate is recommended in Australia.

Telecom eased 2c to 217 and attention is turning to its third quarter result next Friday.

Contact Energy was unchanged at 625 and Fletcher Building rose 6c to 841.

NZOG rose 1c to 155, Steel & Tube rose 2c to 263 and Pike River Coal fell 3c to 112. PGG Wrightson fell 3c to 53.

NZX fell 5c to 180, TrustPower fell 5c to 740 and SkyCity fell 2c to 316.

Hallenstein Glasson rose 1c to 354 and The Warehouse eased 1c to 377.

APN News was unchanged at 310 on a day in which directors were re-elected at its annual meeting in Sydney.

Cavalier rose 2c to 282 and ING Medical Property Trust rose 2c to 122. Nuplex fell 1c to 337 and Port of Tauranga fell 5c to 700.

Comvita rose 15c to 240 after saying this week it had experienced a significant improvement in earnings. Scott Tech rose 2c to 130 and Kathmandu rose 2c to 237.

In the US, news that Greece was readying severe austerity measures to secure a multibillion-euro aid package spurred widespread relief, and the more beaten-down sectors, such as banks, recouped recent losses for a second day running.

Continuing the generally favourable earnings season, cellphone maker Motorola Inc beat forecasts, while Visa Inc reported higher-than-expected profits and raised its revenue outlook, spurring hopes of a revival in consumer spending.

The Dow Jones industrial average gained 1.1 per cent to 11,167.32, the Standard & Poor's 500 Index rose 1.3 per cent to 1206.78, and the Nasdaq Composite Index added 1.6 per cent to 2511.92.

The Dow and the S&P 500 posted their biggest one-day gains since March 5 while the Nasdaq rose the most since January 4.

- NZPA