Small early gains for NZ shares

Fletcher Building stocks rose 1.6 per cent in early trading, on top of yesterday's 3 per cent gain, as the New Zealand sharemarket eased ahead at the start to the day.

The early 11c rise for Fletcher took its shares to 715, after gaining 22c yesterday, as the stock continued its rise from 633 a fortnight ago.

Around 10.15am the benchmark NZX-50 index was up 7.42 points to 2880.61, topping the 2880 level for the first time in eight months.

Today's modest early rise followed yesterday's 52.3-point gain as casino company Sky City spurred activity with an upbeat earnings forecast.

Today Sky City shares were up a further 3c to $3.08 early, having closed yesterday 19c up for the day after the company said it expected to beat profit forecasts on improved fourth quarter income.

Other stocks rising early included Mainfreight up 6c to $4.20, Sanford up 5c to $5.25, Freightways up 3c to 290 and Auckland Airport up 2c to $1.59.

Top stock Telecom was unchanged on $2.77, while Contact Energy slipped 1c to $6.02.

NZ Refining was down 5c to $6.90 and Pike River Coal eased 2c to $1.12.

***

In the United States, stocks rose as a solid profit from Caterpillar Inc eclipsed unease about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up.

Trading was choppy, with the broader market initially charging higher after the open and the benchmark S&P 500 hitting a fresh 2009 intraday high as it extended its rebound from the 12-year closing low of early March.

The Dow Jones industrial average ended up 0.8 per cent to 8915.94, the Standard & Poor's 500 Index rose 0.4 per cent to 954.58, and the Nasdaq Composite Index added 0.4 per cent to 1916.20 -- a closing high for the year.

- NZPA