NZ Shares: Small early gains for local market

The New Zealand sharemarket made small early gains to start the week, after Friday went flat following the release of figures showing a worse-than-expected contraction in the economy.

Around 10.15am the benchmark NZX-50 index was up 5.65 points to 2776.27, having edged down 0.04 points on Friday after data showed the gross domestic product fell 1 per cent in the March quarter.

Today the market was led higher by a 5c rise to $6.45 in Fletcher Building shares, with Contact Energy also rising early, up 2c to $5.67, although Telecom was unchanged at $2.65.

Other early risers included Nuplex, up 2c to $1.51, NZ Farming Systems Uruguay up 2c to 52, and Pike River Coal up 2c to $1.21.

Tourism Holdings rose 2c to 48c, after being unchanged on Friday when it announced a company-wide pay freeze.

The main early share price fall was at retailer Hallenstein Glasson, down 10c to $2.45.

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In the United States, the Nasdaq rose on Friday, on strong demand for Palm's Pre smartphone, while the Dow was dragged lower by sliding oil prices and strength in some financial stocks helped cushion the S&P 500's decline.

The Dow Jones industrial average dropped 0.4 per cent to 8438.39, the Standard & Poor's 500 Index fell 0.2 per cent to 918.90, but the Nasdaq Composite Index gained 0.5 per cent to 1838.22.

For the week, stocks finished mixed. The Dow slid 1.2 per cent and the S&P 500 fell 0.3 per cent, while the Nasdaq rose 0.6 per cent.

- NZPA