NZ sharemarket lifts early after US surge
The New Zealand sharemarket rose in early trade after equities in the United States bounced back strongly.Earnings from economic bellwethers 3M, UPS and Caterpillar catapulted US stocks as investors shed some of their fears about the strength of the US re
The New Zealand sharemarket rose in early trade after equities in the United States bounced back strongly.
Earnings from economic bellwethers 3M, UPS and Caterpillar catapulted US stocks as investors shed some of their fears about the strength of the US recovery.
The major indexes posted their largest daily gains in more than two weeks, led by United Parcel Service Inc, which rose 5.2 percent after it raised its profit outlook. The world's largest package delivery company is viewed as a barometer of consumer and business demand.
Around 10.15am the benchmark NZX-50 index was up 9.93 points to 2991.29, having fallen 22.1 points yesterday when the news from the US affecting the market included a dour assessment of the US recovery from Federal Reserve Chairman Ben Bernanke.
In this country today retailer The Warehouse was up 5c to 358 early, Opus International Consultants lifted 5c to 166, Fisher&Paykel Healthcare gained 4c to 298, Fletcher Building gained 3c to 767, Trustpower was up 3c to 718, NZX lifted 3c to 149, and Hellaby Holdings gained 3c to 173. Ebos Group slipped 2c to 616.
Shares in online accountancy software firm Xero were up 9c to 150, after news yesterday that Trade Me founder Sam Morgan had invested another $2 million in the company, taking his stake to near 5 percent.
In the US, the Dow Jones industrial average gained 2 percent to 10,322.30, the Standard&Poor's 500 added 2.3 percent to 1093.67, and the Nasdaq Composite rose 2.7 percent to 2245.89.
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