Early lift for NZ sharemarket
The New Zealand sharemarket rose in early trading as leading stock Telecom gained 3c early from levels near historic lows.The market started the week with a lift despite a slide in world equities at the end of last week after a downgrade of Spain's credit
The New Zealand sharemarket rose in early trading as leading stock Telecom gained 3c early from levels near historic lows.
The market started the week with a lift despite a slide in world equities at the end of last week after a downgrade of Spain's credit rating sent a new chill through markets already worried about the European debt crisis.
Telecom's early gain of 1.6 percent took it to 189, while fishing company Sanford lifted 5c to 430, and The Warehouse was up 2c to 350.
Around 10.15am, the benchmark NZX-50 index was up 7.6 points to 3055.35, following on from a 12.9-point gain on Friday.
Shares in shower and tapware company Methven were down 2c to 156 after the company reported a 22.2 percent fall in full year net profit to $7.8 million, and said it had weathered the fallout from the global economic crisis.
In the United States, a fall in stocks on Friday capped their worst month in over a year.
The Dow Jones industrial average dropped 1.2 percent to 10,136.63, the Standard&Poor's 500 Index
fell 1.2 percent to 1089.41, and the Nasdaq Composite Index declined 0.9 percent to 2257.04.
For the month, the Dow fell 7.9 percent, the S&P shed 8.2 percent and the Nasdaq lost 8.3 percent. The declines were the worst for the Dow and S&P since February 2009 while the Nasdaq suffered its worst monthly drop since November 2008.
For the week, the Dow edged 0.6 percent lower, the S&P 500 gained 0.2 percent and the Nasdaq added 1.3 percent.
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