NZ sharemarket rises modestly early
The New Zealand sharemarket was modestly higher in early trading today, despite a strong performance by equities in the United States.
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The New Zealand sharemarket was modestly higher in early trading today, despite a strong performance by equities in the United States.
Around 10.15am the benchmark NZX-50 index was up 2.77 points to 3423.95, after losing 8.9 points yesterday.
Mainfreight was up 8c at one point in early trade, but shortly after the gain eased to 3c, taking the stock to 885.
The company's shares ended up 23c yesterday and up 47c on Monday after Mainfreight announced it had agreed to buy Netherlands-based transport and logistics firm Wim Bosman Group. During yesterday's trading the shares reached a record high 895.
OceanaGold was up 4c early to 365, NZX gained 3c to 193, and Fletcher Building added 1c to 885, while Telecom slipped 1c to 209.
Contact Energy lost 9c early to 600, Freightways dropped 10c to 318. Steel&Tube lost 3c to 262, and Kathmandu was down 2c to 199.
In the United States, stocks ended higher after on upbeat profit forecast from Bank of America and a pullback in oil prices. Technicals underscored the market's near-term resilience.
Based on the latest available data, the Dow Jones industrial average was up 1 percent at 12,214.46, the Standard&Poor's 500 Index was up 0.9 percent at 1321.82, and the Nasdaq Composite Index was up 0.7 percent at 2765.77.
NZPA
Wed, 09 Mar 2011
Wed, 09 Mar 2011
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NZ sharemarket rises modestly early
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