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Early gains for NZ sharemarket

After hitting a 10-month low yesterday, the New Zealand sharemarket rose in early trading today with resins and speciality chemicals supplier Nuplex Industries gaining 4.7 percent.The partial recovery in this country came after stocks in the United States

NZPA
Wed, 09 Jun 2010

After hitting a 10-month low yesterday, the New Zealand sharemarket rose in early trading today with resins and speciality chemicals supplier Nuplex Industries gaining 4.7 percent.

The partial recovery in this country came after stocks in the United States mostly rose in volatile trading, closing at or near session highs after a wobbly session.

Around 10.15am the benchmark NZX-50 index was up 10.4 points to 2999.38, after ending yesterday down 41.2 points.

After falling to a six-month low of 270 during trading yesterday, and closing at 277, Nuplex shares put on a 13c burst in early trading to be at 290 in the first few minutes after the market opened.

Fletcher Building shares, which lost 14c yesterday, gained 11c early to 815 but shortly afterwards the lift in share price was down to just 1c, taking the price to 805.

Sky City was up 3c early to 290, Air New Zealand lifted 3c to 117, NZX gained 4c to 154, Contact Energy was up 2c to 580, Tower lifted 2c to 184, and Steel&Tube was up 2c to 240.

Telecom was up 1c early to 182, after striking a new record low yesterday.

Mainfreight recorded the main early share price decline, down 5c to 610 on low volume.

In the US, the gain in stocks was led by materials and financial shares, with investors shying away from big-cap technology shares on concerns about their European exposure.

Overnight, Federal Reserve chairman Ben Bernanke said the US economy seemed to have enough momentum to avoid a "double-dip" recession, giving support to domestic-oriented companies.

The Dow Jones industrial average gained 1.3 percent to 9939.98, the Standard&Poor's 500 Index rose 1.1 percent to 1062.00, but the Nasdaq Composite Index dropped 0.2 percent to 2170.57.

NZPA
Wed, 09 Jun 2010
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Early gains for NZ sharemarket
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