NZ sharemarket rises early
The New Zealand sharemarket rose in early trading, after stocks in the United States posted their biggest gains in nearly two months.
The New Zealand sharemarket rose in early trading, after stocks in the United States posted their biggest gains in nearly two months.
Retail sales figures in the US allayed fears over the economy that had driven a six-week slump on Wall Street.
In this country, around 10.15am today the benchmark NZX-50 index was up 9.02 points to 3497.87, having risen 12.2 points yesterday.
Shares in children's clothing retailer Pumpkin Patch fell 10c early to 100 after the company announced changes, including the closure of its 20 US stores.
Fletcher Building rose 5c to 871, Sanford lifted 4c to 525, NZX gained 4c to 245, Freightways was up 4c to 337, Trustpower added 3c to 740, and Contact Energy was up 3c to 580.
Telecom lifted 2.5c to 240, on top of a 10.5c lift yesterday as shareholders' hopes that the company may be able to be split later this year rose after law changes to enable the ultrafast broadband project made progress in Parliament.
In the US, retail sales data was weak but not as bad as widely expected, providing an excuse to buy shares after the market had neared its most oversold conditions in a year.
But many analysts said the rally was likely a one-day wonder.
The Dow Jones industrial average gained 1 percent to 12,076.11, the Standard & Poor's 500 Index rose 1.3 percent to 1287.87, and the Nasdaq Composite Index advanced 1.5 percent to 2678.72.
NZPA
Wed, 15 Jun 2011
Wed, 15 Jun 2011
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NZ sharemarket rises early
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