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Hot Topic NBR Focus: GMO
Hot Topic NBR Focus: GMO
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NZ sharemarket starts day firmly


The New Zealand sharemarket started the day firmly, after stocks in the United States rose for a third day as investors bet on profit growth and set aside concerns about weakening demand.

NZPA
Wed, 11 May 2011

The New Zealand sharemarket started the day firmly, after stocks in the United States rose for a third day as investors bet on profit growth and set aside concerns about weakening demand.

The benchmark NZX-50 index is at its highest level in nearly three years, and around 10.20am was up 14.85 points to 3543.59.

Ryman Healthcare gained 4c early to 263, NZ Refining Co was up 4c to 459, Telecom added 3c to 227, Sky City was up 3c to 374, Abano Healthcare lifted 3c to 453, and Fletcher Building was up 2c to 900.

OceanaGold fell 8c to 322, Trustpower was down 2c to 753, and The Warehouse lost 2c to 369, while Contact Energy was unchanged on 600.

In the US, the rise in stocks was led by utilities and other defensive sectors that may drive further gains.

For now the equity market is filtering out potential problems involving euro-zone debt and speculation that the recent selloff in commodities is a harbinger of weak economic growth.

Helping to support the market was news of a trade surplus in China, which eased fears about slow global growth.

The Dow Jones industrial average was up 0.6 percent at 12,760.36, the Standard&Poor's 500 Index was up 0.8 percent at 1357.16, and the Nasdaq Composite Index was up 1 percent at 2871.89.

NZPA
Wed, 11 May 2011
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NZ sharemarket starts day firmly
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