Modest early gain by NZ sharemarket
The New Zealand sharemarket gained modestly in early trading, as oil prices rose further on news of an airstrike in Libya near an oil terminal and gold hit a record high as investors sought the metal's safety.
The New Zealand sharemarket gained modestly in early trading, as oil prices rose further on news of an airstrike in Libya near an oil terminal and gold hit a record high as investors sought the metal's safety.
Around 10.15am the benchmark NZX-50 index was up 3.8 points to 3385.79, after easing 2.4 points yesterday.
Mainfreight added 4c to 808 early, Sky TV lifted 3c to 545, and Skellerup was up 2c to 129, while Nuplex lost 4c to 330, and Air New Zealand was down 2c to 128.
Among leading stocks, Fletcher Building gained 4c to 858 after falling 20c yesterday when a 16c a share dividend was no longer payable on the stock. Telecom was down 2c to 214, but Contact Energy edged up 1c to 616.
In the United States, stocks eked out gains despite rising oil prices, as investors bet the latest signs of economic strength may be able to absorb expected higher energy costs.
Wall Street seesawed against the changes in oil throughout the day. Brent crude rose to a 2-1/2-year high above $US117 a barrel in the late morning after the bombing raids near Libya's oil terminals, but later slipped.
On preliminary figures, the Dow Jones industrial average gained 0.1 percent to 12,066.65, the Standard&Poor's 500 Index gained 0.2 percent to 1308.43, and the Nasdaq Composite Index gained 0.4 percent to 2748.07.
Gold climbed to an all-time record at $US1440.10 an ounce. The metal has rallied 10 percent since late January when tensions first began to flare in the Middle East and Africa.
NZPA
Thu, 03 Mar 2011
Thu, 03 Mar 2011
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Modest early gain by NZ sharemarket
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