NZX opens mixed, majors edge up

The NZ stock exchange opened with a mixed market today, creeping up nearly two points in early trading, with most leading stocks making small gains.

Among leading shares, Telecom gained 1c to $2.67, Contact rose 1c to $5.76, Fletcher Building continued edging upward, gaining 1c to $6.61 and Sky City stayed at $2.65.

Mainfreight rose 4c to $4.11, with Nuplex shares also rising 4c to $1.57 and Infratil up 1c to $1.70.

ING Property shed 1c to 65, Restaurant Brands dropped 2c to $1.02, and Ryman Healthcare also slid 1c to $1.58.

At 10.10am, the benchmark NZX-50 index was up 3.138 points to 2751.639, after making an 11.612 point gain yesterday.

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In the US, stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.

Gains were tempered by lacklustre retail sales data showing June retail sales increased 0.6 per cent - more than forecast, but in large part due to rising petrol prices.

Excluding autos and gas sales, retail sales registered a fourth consecutive monthly decline.

The Dow Jones industrial average added 27.81 points, or 0.33 per cent, to 8,359.49. The Standard & Poor's 500 Index gained 4.79 points, or 0.53 per cent, to 905.84. The Nasdaq Composite Index rose 6.52 points, or 0.36 per cent, to 1799.73.

NZPA