Early rally for NZ sharemarket
After falling for three consecutive days, the New Zealand sharemarket recorded a small gain in early trading today.
After falling for three consecutive days, the New Zealand sharemarket recorded a small gain in early trading today.
Around 10.15am the benchmark NZX-50 index was up 4.38 points to 2968.99, having fallen nearly 63 points in the past three trading days, including 21 points yesterday.
NZ Refining Co added 6c to 335 in early trading today, Mainfreight was up 5c to 625, Port of Tauranga gained 4c to 685, Trustpower lifted 3c to 718, and Sky TV gained 3c to 477 although on low volume.
Among leading stocks, Fletcher Building gained 1c to 754 after yesterday dropping to a five-month intraday low of 750. Telecom was unchanged on 188 and Contact Energy was unchanged on 568.
In the United States, stocks rose, spurred by optimism ahead of earnings from key technology companies and after Boeing announced strong orders.
Investors bet there would be solid reports from International Business Machines, the world's largest technology services provider, and chip maker Texas Instruments, hoping they would echo Intel's positive results last week. Intel's forecast-beating profits and revenues had shown strength in technology spending.
But shares of IBM fell nearly 4 percent after the closing bell after its revenues missed expectations, and Texas Instruments slumped 6 percent as its revenue failed to impress.
The Dow Jones industrial average closed up 0.6 percent to 10,154.43, the Standard&Poor's 500 Index rose 0.6 percent to 1071.25, and the Nasdaq Composite Index gained 0.9 percent to 2198.23.
NZPA
Tue, 20 Jul 2010
Tue, 20 Jul 2010
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Early rally for NZ sharemarket
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