NZ sharemarket starts day firmly
The New Zealand sharemarket started the day firmly as some key stocks partly recovered from losses yesterday.
The New Zealand sharemarket started the day firmly as some key stocks partly recovered from losses yesterday.
Fletcher Building was up 6c to 863 early after yesterday falling 18c, while Contact Energy lifted 4c to 590 following a 16c decline yesterday.
OceanaGold rose 10c to 302, Steel & Tube was up 3c to 268, Sky City gained 2c to 353, Ryman Healthcare was up 2c to 283, Freightways lifted 2c to 353, Air New Zealand added 2c to 104, and Mainfreight was up 2c to 986. Telecom slipped 0.5c to 232.
Around 10.15am the benchmark NZX-50 index was up 9.26 points to 3498.01, having fallen 36.6 points yesterday as the key stocks which had been driving the market turned negative.
In the United States, Wall Street ended higher for the first time in over a week, but many analysts saw the rebound as short-lived.
A report showing record US exports in April eased some concerns about a stalled economic recovery, which had been weighing on the market.
A spike in oil prices helped lift materials and energy stocks. Investors also snapped up beaten-down stocks in the financial sector.
The Dow Jones industrial average was up 0.6 percent at 12,124.36, the Standard & Poor's 500 Index rose 0.7 percent at 1289.00, and the Nasdaq Composite Index gained 0.4 percent at 2684.87.
NBR staff
Fri, 10 Jun 2011
Fri, 10 Jun 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ sharemarket starts day firmly
15152