Sharemarket up early after more Wall St gains
New Zealand’s sharemarket has started strongly after a third straight day of gains on Wall Street.
At about 11am the benchmark NZX50 index was up 27.587 points to 2519.211, a 1.1% gain.
Most major stocks are up, with Telecom rising 5c to $2.40, Contact Energy gaining 8c to move to $5.68 and Fletcher Building moving up 7c to $5.38.
NZX is up 13c to $5.75, Rakon is up 7c to $1.04, and TelstraClear is up 15c to $4.10.
Sky Television and Sky City are both up 4c, to $3.85 and $2.70 respectively.
The market has reacted positively to the Warehouse’s half-year profit announcement, with shares in the retailer up 5c to $3.50.
Stocks making losses early on include Air New Zealand, down 2c to 84c, Port of Tauranga, down 1c to $5.15, Tower, down 1c to $1.33, and Westpac, down 5c to $21.
Yesterday’s relatively small cut in the Official Cash Rate, which dropped it 50 basis points to 3%, has had a positive effect on the New Zealand dollar, which is currently trading at just over US52c.