NZ sharemarket rises early

File photo / Paul Estcourt

The New Zealand sharemarket started the day with a solid rise, with key stock Telecom gaining nearly 2 per cent early.

The benchmark NZX-50 index was up 7.23 points to 3332.23 around 10.15am, having gained nearly 16 points yesterday.

Telecom shares gained 4c early to $2.21, with Sky City also adding 4c on top of yesterday's 6c gain, taking its share price to $3.34.

Trustpower gained 5c to $7.40 and Port of Tauranga added 4c to $7.50, but both were on low volume.

The Warehouse gained 3c early to $3.45, having yesterday fallen 8c after reporting sales for the two months ended January 2 were down 2.7 per cent compared to the same period last year.

Another retailer, Briscoe Group added 5c to $1.40, while Hallenstein Glasson rose 2c to $4.12 early, with Air New Zealand also gaining 2c, to $1.53, and Xero up 9c to $2.99.

Fisher & Paykel Healthcare fell 4c early to $3.15, while Fletcher Building eased 1c to $7.78 after gaining 13c yesterday.

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In the United States, stocks ended higher after data showed the creation of three times as many private sector jobs as expected in December.

The market extended a rally despite investors being worried it had already come too far too fast.

Based on preliminary data, the Dow Jones industrial average was up 0.3 per cent at 11,723.27, the Standard & Poor's 500 Index was up 0.5 per cent at 1276.59, and the Nasdaq Composite Index was up 0.8 per cent at 2702.20.

- NZPA