The New Zealand sharemarket opened high this morning as global markets traded fear for optimism on news Ireland's financial crisis could soon be resolved.Ireland's central bank head Patrick Honohan expected the country to receive tens of billions of euros
The New Zealand sharemarket opened high this morning as global markets traded fear for optimism on news Ireland's financial crisis could soon be resolved.
Ireland's central bank head Patrick Honohan expected the country to receive tens of billions of euros in loans from European partners and the International Monetary Fund to help shore up its shattered banks and stabilise the economy.
Markets had fallen recently on concerns that unless Ireland received a bailout, problems in other indebted euro zone members would spread, hindering a global recovery.
The benchmark NZX-50 index opened up 17.925 points, or 0.546 percent, at 3298.385 with the vast majority posting gains, and only Hellaby Holdings showing a fall.
Fletcher Building was up 1c to 808, Contact Energy was up 5c to 595, and Telecom was up 3c to 217.
New Zealand Oil and Gas rose 2c to 125, Infratil rose 1c to 188, Steel&Tube rose 3c to 221, and Pike River Coal rose 1c to 93.
Fisher&Paykel Healthcare was up 3c to 301, Restaurant Brand was up 4c to 274, and KiwiTrust was up 1c to 104.
Nuplex rose 3c to 335, Auckland Airport rose 1c to 210, Air New Zealand rose 1c to 133, and Port of Tauranga rose 1c to 745.
Ryman Healthcare shares continued to climb, up 2c to 218, after yesterday reporting a $36m realised profit for the first half year -- a new record for the company.
Tourism Holdings rose 2c to 71. It told shareholders at the annual meeting yesterday that the high NZ dollar had hurt its business.
Allied Farmers' shares were unmoved, sitting at 1.9c each as the company lost control of its Matarangi Beach Estates property to receivers.
Hellaby Holdings fell 1c to 199.
In the United States, the Dow Jones industrial average was up 180.88 points, or 1.64 percent, at 11,188.76. The Standard&Poor's 500 Index was up 20.67 points, or 1.75 percent at 1199.26. The Nasdaq Composite Index was up 47.86 points, or 1.93 percent, at 2523.87.
