NZ Shares: Market flat in early trading

The New Zealand sharemarket was flat in early trading after solid gains yesterday and on Friday.

Around 10.15am the benchmark NZX-50 index was up 4.81 points, or 0.2 per cent, to 2812.01. In each of the past two trading days the index gained 1.6 per cent.

Restaurant Brands shares were down 2c early to 93, after the company reported total sales across its three brands for the first quarter -- the 12 weeks to May 25 -- were up 4.3 per cent on the equivalent period last year.

Among leading stocks, Fletcher Building was up 2c to $6.80, continuing on from its 28c gain yesterday, Telecom slipped 2c to $2.60 and Contact Energy was unchanged on $5.78.

Mainfreight was up 5c to $4.50, Port of Tauranga was up 3c to $6.13 on low volume, Rakon gained 3c to $1.49, Fisher & Paykel Appliances lifted 2c to $1.17, Guinness Peat Group lifted 2c to 72, Infratil was up 2c to $1.65, and Michael Hill International gained 2c to 67.

Stocks losing ground early included Tower, down 4c to $1.80, and Pike River Coal down 3c to $1.16.

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In the United States stocks rose for a fourth straight day as an upbeat report on home sales bolstered hopes for an economic recovery, as well as shares in construction companies.

But a sell-off in financials on worries about the dilutive impact of recent stock offerings limited a broader advance.

The Dow Jones industrial average added 0.2 per cent to 8740.87, the Standard & Poor's 500 Index gained 0.2 per cent to 944.74, and the Nasdaq Composite Index rose 0.4 per cent to 1836.80.

- NZPA