The New Zealand sharemarket posted another modest gain today to end a week in which global markets wobbled with composure.
The benchmark NZX-50 index closed up 3.856 points, or 0.117 percent, at 3286.127, having yesterday edged up 1.7 points. Turnover was worth $90.77 million. There were 49 rises and 28 falls among the 111 stocks traded.
A string of robust earnings reports in the United States is currently eclipsing worries about contagion from the financial crisis in Greece.
"Overseas markets had a bit of a technical bounce last night and are fairly cautious into the weekend. I don't think anyone wants to take on any new positions," said James Snell, director of institutional equities at First NZ Capital.
Buyers were also cautious ahead of the release of the Henry Tax Review in Australia on Sunday. Among the issues of importance to New Zealand are what corporate tax rate is recommended in Australia.
Telecom eased 2c to $2.17, and attention is turning to its third quarter result next Friday.
Contact Energy was unchanged at $6.25 and Fletcher Building rose 6c to $8.41.
NZOG rose 1c to $1.55, Steel & Tube rose 2c to $2.63 and Pike River Coal fell 3c to $1.12. PGG Wrightson fell 3c to 53c.
NZX fell 5c to $1.80, TrustPower fell 5c to $7.40 and SkyCity fell 2c to $3.16.
Hallenstein Glasson rose 1c to $3.54 and The Warehouse eased 1c to $3.77.
APN News was unchanged at $3.10 on a day in which directors were re-elected at its annual meeting in Sydney.
Cavalier rose 2c to $2.82 and ING Medical Property Trust rose 2c to $1.22. Nuplex fell 1c to $3.37 and Port of Tauranga fell 5c to $7.
Comvita rose 15c to $2.40 after saying this week it had experienced a significant improvement in earnings. Scott Tech rose 2c to $1.30 and Kathmandu rose 2c to $2.37.
In the US, news that Greece was readying severe austerity measures to secure a multibillion-euro aid package spurred widespread relief, and the more beaten-down sectors, such as banks, recouped recent losses for a second day running.
Continuing the generally favourable earnings season, cellphone maker Motorola Inc beat forecasts, while Visa Inc reported higher-than-expected profits and raised its revenue outlook, spurring hopes of a revival in consumer spending.
The Dow Jones industrial average gained 1.1 percent to 11,167.32, the Standard & Poor's 500 Index rose 1.3 percent to 1206.78, and the Nasdaq Composite Index added 1.6 percent to 2511.92.
The Dow and the S&P 500 posted their biggest one-day gains since March 5 while the Nasdaq rose the most since January 4.
