The New Zealand sharemarket's benchmark NZX-50 index edged up to a new three-month high in early trading, although share movements were restrained.Around 10.15am the NZX-50 was up 2.64 points to 3311.55, having been as high as 3312.7 in the previous 15 mi
The New Zealand sharemarket's benchmark NZX-50 index edged up to a new three-month high in early trading, although share movements were restrained.
Around 10.15am the NZX-50 was up 2.64 points to 3311.55, having been as high as 3312.7 in the previous 15 minutes. Yesterday the index finished up 32.7 points.
Restaurant Brands gained 3c to 206, its highest level in nearly eight years. The company today reported a full year net profit, excluding non-trading items, up 70 percent to $19.9 million.
Steel&Tube lifted 3c to 260, Turners&Growers added 5c to 150, and retailer Briscoe Group lifted 2c to 130. Port of Tauranga fell 2c to 695.
Telecom shares slipped 1c to 223 early, after gaining 8c yesterday in what was seen as something of a relief rally after the stock had been under pressure for several weeks.
Other leading stocks Fletcher Building slipped 1c to 841 after gaining 8c yesterday, and Contact Energy was unchanged on 643. In the United States, the banking sector got a lift from positive analyst comments, while minutes from the Federal Reserve's last meeting eased concern over rising rates.
The minutes suggested the central bank could keep interest rates at ultra-low levels longer than investors have anticipated if the economy worsens. Lower rates support financial shares, which have been at the centre of the market's year-long rally.
The Dow Jones industrial average came within 13 points of the 11,000 level -- which it last crossed in September 2008 -- in afternoon trading in a brief run into positive territory after the Fed's minutes.
By the end of trading, the Dow was down 0.03 percent at 10,969.99, the Standard&Poor's 500 Index gained 0.2 percent to 1189.44, and the Nasdaq Composite Index rose 0.3 percent to 2436.81.
Earlier, the S&P 500 hit an 18-month intraday high at 1191.80, and the Nasdaq touched a 19-month intraday high at 2443.50.
