NZ shares make early gains

The New Zealand sharemarket built on yesterday's gains in early trading, with Pike River Coal up 5.5 per cent after the lifting of a trading halt put in place yesterday ahead of details of a capital raising.

Pike River shares gained 6c to $1.16, while market leader Fletcher Building also added 6c early to $8.55 to be within 1c of its highest level in nearly six months reached last Thursday.

Around 10.15am the benchmark NZX-50 index was up 13.05 points to 3306.16, on top of a 10.9-point gain yesterday following Monday's 29-point sell off.

Another market leader, Telecom, gained 2c early to $2.17, while Contact Energy slipped 1c to $6.34.

Nuplex added 3c to $3.25, having gained 10c yesterday after an aggressive sell off on Monday. Sky City added 2c to $3.23, and NZ Oil & Gas picked up 2c to $1.56.

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In the United States stocks rose as oil prices lifted energy shares and investors were upbeat about the overall profits recovery, even as some high-profile results fell short of lofty expectations.

The Dow Jones industrial average added 0.2 per cent to 11,117.06, the Standard & Poor's 500 Index rose 0.8 per cent to 1207.17, and the Nasdaq Composite Index gained 0.8 per cent to 2500.31.

- NZPA