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NZ sharemarket rises early

The sharemarket edged up in early trading with several leading companies recording modest gains to start the week.Around 10.15am the benchmark NZX-50 index was up 2.75 percent to 3321.91, after closing down 7.1 points on Friday.Contact Energy was up 4c to

NZPA
Mon, 08 Nov 2010

The sharemarket edged up in early trading with several leading companies recording modest gains to start the week.

Around 10.15am the benchmark NZX-50 index was up 2.75 percent to 3321.91, after closing down 7.1 points on Friday.

Contact Energy was up 4c to 595 today, Trustpower gained 2c to 720, Michael Hill added 2c to 79, Fletcher Building was up 2c to 818, and Telecom edged up 1c to 208.

In the United States, stocks nudged higher for the day on Friday as they rose for a fifth straight week.

Investors took heart from Republican gains in the elections and on news that more cheap money from the Federal Reserve was on the way.

They locked in profits on Friday, offsetting an unexpectedly strong payrolls report that reinforced optimism about the economy.

"Because of these gains, I feel there's a relatively modest correction that's just around the corner," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.

The Dow Jones industrial average edged up 0.1 percent at 11,444.08 for the day, the Standard&Poor's 500 Index added 0.4 percent to 1225.84, and the Nasdaq Composite Index rose 0.1 percent to 2578.98.

NZPA
Mon, 08 Nov 2010
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NZ sharemarket rises early
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