Share market posts modest gains

The New Zealand sharemarket rose early today, following a decline yesterday after nine consecutive days of gains.

Telecom gained 2c early to 223, but another leading share, Fletcher Building, fell 2c to 808, and Contact Energy was down 11c to 604.

Carpet company Cavalier Corporation rose 4c early to 279 on low volume, Sky City was up 2c to 327, Property for Industry gained 2c to 117, while Oceanagold gained 11c to 359.

Having closed unchanged yesterday after reporting an 81-percent lift in full year net profit to $21 million, and a 7.3 per cent rise in sales revenue, retailer Briscoe Group lifted 2c early today to 137.

Around 10.15am the benchmark NZX-50 was up 7.22 points to 3220.42, after closing down 9.6 points yesterday.

In the United States, stocks ended slightly higher, helped by gains in the telecoms and industrial sectors, though the advance was limited by falling commodity prices that pressured materials shares. The market's mild finish came on the first anniversary of its drop to 12-year closing lows on March 9, 2009.

Based on latest available figures, the Dow Jones industrial average gained 0.1 percent to end unofficially at 10,564.38, the Standard & Poor's 500 Index was up 0.2 per cent at 1140.45, and the Nasdaq Composite Index was up 0.4 per cent at 2340.68

- NZPA