NZ stocks: Morning sees modest recovery

The New Zealand sharemarket posted a modest recovery this morning after yesterday's rout that saw it dive almost 2 per cent to a two-month low.

The benchmark NZSX-50 gross index was 11.16 points higher at 3604.30 by 10.20am, while the NZSX all capital index rose 3.2 points to 1039.11.

Top stock Telecom, which yesterday shed 19c to 450, recovered 4c to 454.

Market number two, Contact Energy, rose 2c to 780, Fletcher Building was 4c higher at 925, and Sky TV rose 6c to 571.

Fisher & Paykel Healthcare, which will release its full year result tomorrow, was 5c higher at 445. Its Appliances cousin, which reports on Friday, was down a cent at 421.

On the flipside, Tower, which releases its first half result tomorrow, eased 5c to 285.

Ryman Healthcare, which yesterday reported a record after tax profit of $35.1 million -- up 49 per cent on the previous year -- rose a further 5c to 740, a fresh all time high.

- NZPA