KEY POINTS:
The New Zealand sharemarket rose in early trading as investors preferred to focus on Wall Street's rise to a record high rather than a rate hike imposed by Reserve Bank Governor Alan Bollard.
He lifted the Official Cash Rate to 7.75 per cent from 7.50.
The benchmark NZSX-50 index was up 8.64 points to 4171.75 at 10.10am, having taken a near 1 per cent hit on Tuesday before the Anzac day holiday.
Market heavyweight Telecom recovered 4c of Tuesday's 12c loss to be on 488.
Conversely, Fletcher Building, which rose strongly to near a record high on Tuesday, eased 2c to 1149.
No 3 stock Contact Energy was up 3c to 905.
Fisher & Paykel Healthcare rose 4c to 358 despite the appreciation of the NZ dollar to nearly a post-float high in the wake of Dr Bollard's decision. Fellow exporter F&P Appliances fell 2c to 350.
Tourism Holdings rose 5c to 435 after saying today it expected a net profit after tax (NPAT) of $17.5 million to $18.5 million in its June year after experiencing improved trading.
In February, the company, which runs New Zealand's largest campervan fleet, forecast NPAT in a $15-18m range.
ANZ Bank, due to report its profit today, was up 43c to 3500.
Restaurant Brands was untraded after it reported a net loss $3.6 million and a cut in its dividend due to lower cash flow. It last traded at 90 cents, a cent from a year low.
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In the US, the Dow closed above 13,000 for the first time and the broader stock market rose to its highest level in more than six years after a steady parade of strong profit reports and reassuring news on the economy.
The Dow Jones industrial average rose 135.14 points, or 1.04 per cent, at 13,089.08. The Standard & Poor's 500 Index ended up 14.82 points, or 1.00 per cent, at 1495.23. The Nasdaq Composite Index closed up 23.35 points, or 0.92 per cent, at 2547.89.
- NZPA