NZ sharemarket rises early

File photo / Paul Estcourt

The sharemarket edged up in early trading with several leading companies recording modest gains to start the week.

Around 10.15am the benchmark NZX-50 index was up 2.75 per cent to 3321.91, after closing down 7.1 points on Friday.

Contact Energy was up 4c to $5.95 today, Trustpower gained 2c to $7.20, Michael Hill added 2c to 79, Fletcher Building was up 2c to $8.18, and Telecom edged up 1c to $2.08.

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In the United States, stocks nudged higher for the day on Friday as they rose for a fifth straight week.

Investors took heart from Republican gains in the elections and on news that more cheap money from the Federal Reserve was on the way.

They locked in profits on Friday, offsetting an unexpectedly strong payrolls report that reinforced optimism about the economy.

"Because of these gains, I feel there's a relatively modest correction that's just around the corner," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.

The Dow Jones industrial average edged up 0.1 per cent at 11,444.08 for the day, the Standard & Poor's 500 Index added 0.4 per cent to 1225.84, and the Nasdaq Composite Index rose 0.1 per cent to 2578.98.

- NZPA