Moderate gains for NZ shares

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Market Data

Stocks slip after Mainfreight result Kiwi falls on European downgrades Stocks gain on Greek vote; euro dips Greek deal fans risk asset buying Finance and business diary Stocks down despite Greek news Dollar up on Greek debt package Market day ahead: Markets at the mercy of Greek vote NZ sharemarket: Mixed earnings season expected Stocks up but trading light

The New Zealand sharemarket made moderate early gains today.

Around 10.20am the benchmark NZX-50 index was up 10 points to 3026.21, after gaining 22.2 points on Friday.

The 1.8 percent rise in Telecom lifted its share price to 283, while among other leading stocks Fletcher Building was up 4c to 722 but Contact Energy lost 7c to 623.

Life Pharmacy shares rose 6c to 42c, after today announcing it had entered into a merger agreement with Pharmacybrands.

Steel & Tube was up 5c to 320, Mainfreight up 4c to 459, Fisher & Paykel Healthcare up 3c to 328, Nuplex up 3c to 193, NZ Oil & Gas up 2c to 164, and Rakon up 2c to 142.

Among shares to lose ground early, Hellaby Holdings was down 9c to 116, and NZ Refining Co slipped 3c to 707.

In the United States, the stock market ended its best July in 20 years.

The Dow Jones industrial average rose 0.2 percent to 9171.61, the S&P 500 index rose 0.1 percent to 987.48, while the Nasdaq composite slipped 0.3 percent to 1978.50.

NZPA