NZ sharemarket opens slightly firmer

The New Zealand sharemarket opened slightly firmer today after SkyCity Entertainment Group announced a lift in first half profit and European markets gained overnight.

The benchmark NZX-50 index was up 4.74 points, or 0.15 per cent to 3064.27 in the first five minutes of trading.

SkyCity, which hiked its interim tax-paid profit 29.6 per cent to $71.02 million and forecast a 10-15 per cent rise in profit for the year, had a 5c lift in share price to 318.

NZ Refining Co, which is due to report its annual result today, rose 5c to 204.

But Freightways, which fell 15c after reporting a fall in interim profit yesterday, shed another 1c to 305 in early trading.

Contact Energy was up 1c to 563 while Telecom, having to face more negative news on its XT mobile network, was unchanged at 232.

European shares closed higher overnight, supported by gains in banks and miners while defensive food producers fell, but a lack of clarity over euro zone support for Greece was seen capping further gains for equities, Reuters reported from London.

The FTSEurofirst 300 index of top European shares provisionally closed 0.4 per cent higher at 991.76 points, after falling 0.3 per cent on Friday.

Investor confidence received a boost early in the session from data showing Japan's economy grew faster than expected in the fourth quarter with a stimulus-fuelled rebound in domestic demand and a corporate investment revival masking rising deflationary pressure.

However, trading in Europe lacked direction as US markets were closed for the Presidents' Day holiday while many Asian exchanges were shut for the Chinese New Year holiday.

- NZPA