NZ shares post modest gains

The New Zealand sharemarket posted modest gains today as Telecom's share price rose from a record low, though investors are cautious ahead of non-farm payroll data in the United States and a long holiday weekend here.

The benchmark NZX-50 index closed up 6.035 points, or 0.2 per cent, at 3030.136. Turnover was worth $69.99 million. There were 34 rises and 28 falls among the 99 stocks traded.

"It is a reasonably quiet market on both sides of the Tasman as investors wait for non-farm payrolls in the States," James Snell, director institutional equities, at First NZ Capital said.

The New Zealand market out-performed other markets in the region today after under-performing them in recent days.

"A long weekend holiday is keeping a few investors sidelined," Mr Snell said. The New Zealand market is closed for the Queen's Birthday holiday on Monday.

The focus in financial markets next week is expected to be on the Reserve Bank of New Zealand's monetary policy statement on Thursday.

Telecom rose 3c to 186 after falling to a new record low of 182 yesterday.

Fletcher Building fell 2c to 818 and Contact Energy fell 2c to 575. TrustPower rose 2c to 720.

SkyCity rose 5c to 290 and Tourism Holdings fell 1c to 79. NZOG rose 4c to 140 and Pike River Coal fell 3c to 95. Methven rose 8c to 170. Rakon rose 3c to 92. AMP rose 15c to 725.

Cavalier Carpets fell 3c to 236, Hellaby fell 3c to 160 and Sanford fell 6c to 429.

OceanGold fell 33c to 412.

NZX fell 3c to 155 as the media extensively covered a decision by New Zealand electricity companies to work with the ASX to develop electricity derivatives rather then NZX.

Nuplex fell 4c to 286.

In the US, stocks were led higher by a late-day surge in technology shares as investors geared up for a strong unemployment report.

Stocks seesawed throughout the session, shifting between optimism and pessimism on a variety of factors, including technical resistance at the S&P 200-day moving average, the euro's weakness, and supportive labour market data.

The Dow Jones industrial average edged up 0.1 per cent to end at 10,255.28, the Standard & Poor's 500 Index added 0.4 per cent to 1102.83, and the Nasdaq Composite Index rose 1 per cent to 2303.03.

- NZPA