KEY POINTS:
The sharemarket edged higher in early trading today, after Wall Street provided impetus with a 1 per cent gain.
The NZSX-50 benchmark index, which yesterday rose 1 per cent, was up 10 points to 3648 at 10.20am.
London-;listed GPG continued to rise strongly two weeks ahead of its dividend payment, rising 6c to 190 to build on yesterday's 6c gain.
Market leader Telecom was up 1c to 395 to back up yesterday's 11c gain that was spurred by it renegotiating an $800m stand-by credit facility. Fletcher Building was up 3c to 815 having fallen 11c yesterday on gloomy housing statistics.
Contact Energy was also up 3c to 912 to add to yesterday's 7c gain. Yesterday BG Group, the suitor for Contact's majority owner, Origin Energy, received an exemption from having to make any immediate takeover offer for Contact. But BG said it was required to make a cash bid for Contact within one month of its offer for Origin becoming unconditional.
Mainfreight continues to prosper in the wake of Toll's sale of its rail network to the Government, rising 9c to 680.
Auckland Airport fell 3c to 220 while Air New Zealand was up 4c to 118, helped by easing fuel prices.
The Warehouse, down 15c yesterday, was up 5c to 525 with a court decision on whether Foodstuffs or Woolworths can launch separate takeover bids, possibly not far away.
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In the US, stock markets ended higher as oil prices declined, giving some slight relief to inflation-related fears.
The Dow Jones Industrial Average had jumped 131.73 points (1.03 per cent) to 12,877.61 just after the market close.
The tech-rich Nasdaq composite finished up 42.97 points (1.76 per cent) at 2488.49 while the broad-market Standard & Poor's 500 index gained 15.23 points (1.10 per cent) to 1403.51, according to preliminary closing figures.
- NZPA
