Sharemarket back after break

The New Zealand sharemarket opened firmer today, with all three leading stocks gaining on thin volumes.

Fletcher Building, which rose 5c on Christmas Eve, added 4c to $7.99 in the first 10 minutes of trading this morning, while Telecom rose 3c to $2.48 and Contact Energy rose 2c to $6.08.

The benchmark NZX-50 index was up 7.16 points or 0.2 per cent to 3212.36.

Increased aviation security in the wake of a Nigerian man's attempt to blow up a plane flying from Amsterdam to Detroit on Christmas Day had mixed and muted impact on New Zealand's aviation stocks.

While Infratil, which owns Wellington Airport and two UK airports, eased 1c to $1.64, Auckland Airport and Air New Zealand each firmed 1c to $1.19 and $2.01 respectively.

There was no immediate reaction to Boxing Day retail sales, with Pumpkin Patch unchanged on $2.01 and The Warehouse and Michael Hill both untraded in the first 10 minutes of the sharemarket opening.

Elsewhere, Sky City shed 5c to $3.30 and Freightways also lost 5c, while Sky TV rose 4c to $4.97 and Vector gained 2c to $2.02.

* * *
On Wall Street stocks dipped overnight as airline shares faltered amid security worries, while losses were limited by retail shopping data indicating improved consumer spending, Reuters reported.

The Dow Jones industrial average was down 6.20 points, or 0.06 per cent, at 10,513.90. The Standard & Poor's 500 Index was down 1.93 points, or 0.17 per cent, at 1124.55. The Nasdaq Composite Index was down 1.37 points, or 0.06 per cent, at 2284.32.

Analysts said volume was light, with many participants off for the Christmas and New Year's holidays.

- NZPA