High volume in Telecom shares opens NZX

Brisk early trading in Telecom shares saw New Zealand's largest telecommunications company gain two cents at market open today, as the NZX-50 group index edged up slightly.

Among leading shares, Telecom gained 2c to $2.37, Fletcher Building stayed at $7.78, Contact stayed at $5.80 and SkyCity stayed at $3.32.

Freightways gained 1c to $3.12, Auckland Airport also rising 1c to $1.91, Restaurant Brands rose 1c to $1.56 and Nuplex rose 3c to $2.56. Michael Hill Jewellers rose 4c, or 6.35 per cent, to 67 and Ryman Healthcare 1c to $2.08.

Fisher and Paykel Healthcare slipped 0.3 per cent, or 1c, to $3.33, Fisher and Paykel Appliances fell 1.72 per cent, or 1c, to 57 and Guinness Peat Group fell 1c to 81.

Other shares to slip were Rakon, down 2c to $1.13, Hellaby, down 4c to $1.66, and Pike River Coal, falling 2c to 98.

The group index rose 0.004 per cent to 3128.114 from close last Friday.

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In US markets at close on Friday, the Dow and S&P 500 closed up for a third straight session on Friday after several solid consumer-related reports reinforced investors' confidence in a steady recovery by the US economy.

The Dow Jones industrial average was up 65.67 points, or 0.63 per cent, at 10,471.50. The Standard & Poor's 500 Index was up 4.06 points, or 0.37 per cent, at 1106.41. The Nasdaq Composite Index was down 0.55 point, or 0.03 per cent, at 2,190.31.

For the week, the Dow was up 0.8 per cent, the S&P was near flat and the Nasdaq shed 0.2 per cent.