The New Zealand sharemarket had a firm start to the week, after stocks in the United States had their best week since November.
Among leading shares, Fletcher Building was up 5c early today to $5.50, Contact Energy gained 3c to $5.70, and Telecom was up 2c to $2.36.
Around 10.15am the benchmark NZX-50 index was up 12.75 points to 2536.14, having gained 31.8 points on Friday.
Other early risers today included Cavalier Corporation, up 5c to $140, Hallenstein Glasson up 4c to $201, Fisher & Paykel Appliances up 3c to 54, and Sky City up 3c to $280.
Shares to fall early included NZX, down 15c to $5.85 on low volume, Freightways down 3c to $278, Air New Zealand down 3c to 86, and Auckland Airport down 2c to $1.68.
Shares in Nuplex Industries were in a trading halt as the company carried out a share placement and new rights issue to raise $110 million after the company reached an agreement with its banks.
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US stocks scored their best week since November on Friday (local time) as a broker upgraded Merck & Co, saying its deal to buy a rival was shrewd, and Citigroup said it did not need any more government aid.
The Dow Jones industrial average gained 0.75 per cent to 7223.98, the Standard & Poor's 500 Index climbed 0.77 per cent to 756.55, and the Nasdaq Composite Index added 0.38 per cent to 1431.50.
For the week, the Dow rose 9 per cent, the S&P 500 climbed 10.7 per cent and the Nasdaq advanced 10.6 per cent.
- NZPA
<i>NZ stocks:</i> Solid start to week for market
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