NZ sharemarket edges up early

The New Zealand sharemarket edged up in quiet early trading.

Around 10.15am the benchmark NZX-50 index was up 2.45 points to 3035.47, following a 10.8-point gain yesterday.

Among the few early movements of note, Delegat's Group rose 4c to $1.64, its highest level in two months, having lifted 16c in all since last Thursday.

Mainfreight gained 6c to $6.61, on top of a 6c gain yesterday after telling shareholders at its annual meeting its first quarter earnings will be higher.

NZX was up 4c to $1.50 and Infratil gained 2c to $1.64.

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In the United States, stocks sagged in volatile trading after weak outlooks from technology companies and downbeat comments from a Federal Reserve official gave investors little reason to buy.

St Louis Federal Reserve Bank President James Bullard said he is worried about the risks the United States could fall into a Japan-style quagmire of falling prices and investment. That pressured stocks before a late session rebound.

The Dow Jones industrial average dropped 0.3 per cent to 10,467.16, the Standard & Poor's 500 Index dropped 0.4 per cent to 1101.54, and the Nasdaq Composite Index dropped 0.6 per cent to 2251.69.

- NZPA