Shares: Tower shares race ahead after profit report

Shares in insurance and wealth management company Tower raced ahead after the company reported a 23.8 per cent rise in full year net profit to $50.1 million.

Shortly after the sharemarket opened Tower shares were up 13c to $1.95, a 7 per cent rise, taking the price to its highest level in 14 months.

Around 10.15am the benchmark NZX-50 index was up 10.97 points to 3126.36, having gained 7.8 points yesterday.

Other shares rising early included Fletcher Building, which lifted 5c to $7.80, Ryman Healthcare was up 2c to $1.98, Freightways gained 2c to $3.15, and Fisher & Paykel Appliances was up 2c to 65.

PGG Wrightson lifted 2c to 67, retailer Postie Plus was up 2c to 45, and Kathmandu Holdings gained 2c to $2.19.

Telecom gained 1c to $2.45, Contact Energy was unchanged on $6.00, while dual-listed bank Westpac added 50c to $31.00 early and ANZ was up 20c to $28.20.

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In the United States, stocks rose as economic data reinforced hopes of stabilisation in the labour and housing markets, but volume was light ahead of the Thanksgiving Day holiday.

The Dow Jones industrial average provisionally closed up 0.3 per cent to end unofficially at 10,464.40, the Standard & Poor's 500 Index was up 0.5 per cent at 1110.63, and the Nasdaq Composite Index was up 0.3 per cent at 2176.05.

- NZPA