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Hot Topic NBR Focus: GMO
Hot Topic NBR Focus: GMO
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NZ sharemarket edges up early

The New Zealand sharemarket managed only minor gains in early trading, despite widespread rises in stocks around the world.Around 10.20am the benchmark NZX-50 index was up 0.2 points to 3021.38, having yesterday gained 26.3 percent.Rakon continued the ris

NZPA
Tue, 27 Jul 2010

The New Zealand sharemarket managed only minor gains in early trading, despite widespread rises in stocks around the world.

Around 10.20am the benchmark NZX-50 index was up 0.2 points to 3021.38, having yesterday gained 26.3 percent.

Rakon continued the rise which started on Thursday, lifting 6c early today to 107 -- a level last seen at the end of April.

Hellaby Holdings gained 3c to 180, The Warehouse was up 2c to 362, and Freightways rose 2c to 267.

Port of Tauranga fell 5c to 685, Xero dropped 5c to 147, Contact Energy fell 3c to 566, and Trustpower was down 2c to 723.

Global stocks rose, with US data showing a pick-up in new home sales, reviving hopes for improvement in a tepid economic recovery.

European shares closed at a five-week high, with the pan-European FTSEurofirst 300 index of top shares closing 0.4 percent higher. World stocks as measured by MSCI rose 1.15 percent and the Thomson Reuters global stock index gained 1 percent.

In the United States, stocks got a lift from FedEx Corp after the bellwether raised its earnings outlook, sending its stock up more than 4 percent. Stronger outlooks for transportation firms like FedEx are seen as a sign of growing economic demand.

The Dow Jones industrial average gained 1 percent to 10,525.43, the Standard&Poor's 500 Index rose 1.1 percent to 1115.01, and the Nasdaq Composite Index advanced 1.2 percent to close at 2296.43.

The gains pushed the Dow up 0.9 percent for the year to date and lifted the Nasdaq 1.2 percent for the year so far, while the S&P 500 closed just shy of break-even, as the indexes have clawed back from declines from late April's closing highs.

NZPA
Tue, 27 Jul 2010
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NZ sharemarket edges up early
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