NZ stocks: Top stocks' gains push sharemarket higher

12.15pm

The sharemarket moved up in early trading, led by gains in its top stocks.

By 11.35am today the benchmark NZSX-50 gross index was up 5.68 points to 2897.41 while the NZSX-All capital index gained 2.05 points to 958.74.

Bellwether stock Telecom rose 3c to 598 on turnover worth $29.8 million.

Total market turnover by 11.35am today was worth $56.8 million. With 34 rises and 29 falls among the 116 stocks traded.

Number two stock Carter Holt Harvey was up 2c at 214 and Sky City Entertainment rose 1c to 472.

Fisher & Paykel Healthcare regained some of the 11c it lost yesterday, rising 4c to 305 by 11.35am today. The company yesterday posted an 11.5 per cent rise in half-year net profit to $28.1m for the six months to September, up from $25.2m for the same period last year.

F&P Appliances was up 3c at 420 after announcing a half year net profit of $34.5 million for the period to September 30, compared to $34.9 million the year earlier.

Michael Hill Jeweller jumped 25c to an all time high of 815.

Ports of Auckland was unchanged at 670 and Northland Port was unchanged at 290 after the Northland Regional Council said it was looking to sell a 19.9 per cent stake in Northland Port Corporation (NPC) to Ports of Auckland for around $24 million. The council currently has a 72.3 per cent shareholding in NPC.

Trans Tasman Properties was down 1c at 39c after announcing plans to shift its head office from Auckland to Singapore.

Other stocks on the move by 11.35am today included: Air New Zealand up 1c at 156, Telstra up 5c at 520, Wrightson down 1c at 165 and Auckland International Airport down 1c at 744.

- NZPA