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NZ sharemarket edges up early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 12 NZPA - The New Zealand sharemarket edged ahead in early trading this morning, with Pike River Coal adding to its gains of yesterday.

Around 10.15am the benchmark NZX-50 index was up 3.28 points to 3238.17, after scrabbling up just 2.2 points yesterday.

Pike River was up 3c early to 123, its highest level in nearly two years. Yesterday it gained 7c after reporting its West Coast mine had passed another milestone, installing its hydro-monitor system, and continued to increase daily production.

Cavalier Corp rose 4c to 304, Goodman Property Trust, which yesterday announced a development estimated to cost $5.1 million at its Glassworks Industry Park in Christchurch, was up 2c to 101.

Diligent Boardbooks was up 1c early to 65 after reporting it had produced its strongest quarterly sales performance.

Among leading shares Telecom edged up 1c to 204, Fletcher Building was unchanged on 806, and Contact Energy was unchanged on 571.

Steel & Tube was down 2c to 245, The Warehouse lost 2c to 386, and Trustpower fell 2c to 738.

In the United States, stocks drifted in the lightest trading volume of the year as few dared to place bets ahead of key companies' results later this week.

Bond markets and federal offices were closed in the US for the Columbus Day holiday.

The Dow Jones industrial average edged up 0.03 percent to 11,010.11, the Standard & Poor's 500 Index inched up just 0.01 percent to 1165.30, and the Nasdaq Composite Index gained 0.02 percent to 2402.33.

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