KEY POINTS:
The sharemarket opened firmer today but the index rise was well shy of the 2.6 per cent rise Wall Street experienced.
US stocks ended sharply higher as hopes for a Federal Reserve interest cut boosted financial services companies for a second day, while falling oil prices eased concern about higher energy costs.
The NZSX-50 benchmark index was up 10.8 points to 4081.8 at 10.20am. Turnover was steady at $43m with 21 rises outnumbering the six falls among the 77 stocks traded.
Sky City was unchanged after it announced that it had yet to receive a takeover offer. It said it asked parties doing due diligence to make their offer, if any, within a reasonable timeframe.
Yesterday, when media reports claimed only one potential bidder was doing due diligence, it fell 30c or 5.7 per cent to 490 on $26.6m worth of shares. Brokers said the lack of bidding interest was depressing Sky's price.
Market leader Telecom was up 2c to 429, while No 2 Fletcher Building was up 15c to 1225 and No 3 Contact Energy was up 8c to 885.
Fletcher is the subject of rumours it would benefit from a change in the MSCI global index watched by fund managers.
Sky TV, which today won the rights to the 2012 Olympics, was up 5c to 572.
Steel & Tube was down 4c to 371.
Fisher & Paykel Healthcare was up 3c to 308 despite the New Zealand dollar jumping significantly overnight.
Auckland Airport, also on merger watch, was off another 2c to 291, having lost 2c yesterday after chairman John Maasland resigned, following former chief executive Don Huse who will leave before next year's annual meeting.
The Warehouse, another on takeover watch, was down 4c to 495. The Commerce Commission said the decision on the court challenge to its ruling against Foodstuffs or Woolworths launching takeover bids would be out today.
In the US, the Dow Jones industrial average rose 338.33 points, or 2.61 per cent, to 13,296.77 and the broader Standard & Poor's 500 Index rose 40.96 points, or 2.87 per cent, to 1469.19 while the Nasdaq Composite Index rose 82.16 points, or 3.18 per cent, to 2662.96.
- NZPA