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Buoyant start for NZ sharemarket

The New Zealand sharemarket continued rising following yesterday's surge as data from several countries eased worries about the sagging global economy.Major stock indexes around the world have rallied more than 2 percent. MSCI's all-country world index su

NZPA
Thu, 02 Sep 2010

The New Zealand sharemarket continued rising following yesterday's surge as data from several countries eased worries about the sagging global economy.

Major stock indexes around the world have rallied more than 2 percent. MSCI's all-country world index surged 2.7 percent in its biggest one-day percentage gain since late May. European shares rose at their fastest pace in three months and Wall Street posted its best day in eight weeks.

Factory data from the United States and China was better than expected, the Australian economy burst ahead, and dairy prices rose strongly at Fonterra's online trading event overnight.

Around 10.15am the benchmark NZX-50 index was up 19.19 points to 3096.29, its highest level in more than three months. Yesterday the index ended up almost 41 points.

Shares rising early today included Contact Energy up 8c to 569, Nuplex up 7c to 320, Fletcher Building up 7c to 768, and Pike River Coal up 5c to 110.

The Warehouse lifted 4c to 364, Steel&Tube gained 4c to 221, NZ Refining Co added 4c to 321, Mainfreight was up 4c to 675, Sky TV lifted 3c to 510, Freightways was up 3c to 290, and Air New Zealand lifted 3c to 129. Telecom edged ahead 1c to 206.

In the US, the Dow Jones industrial average rose 2.5 percent to 10,269.47, the Standard&Poor's 500 Index added 3 percent to 1080.29, and the Nasdaq Composite Index gained 3 percent to 2176.84.

The S&P closed above its 14-day moving average for the first time since August 10.

NZPA
Thu, 02 Sep 2010
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Buoyant start for NZ sharemarket
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