The New Zealand sharemarket started the day strongly, after investors in the United States went on a buying binge following successful debt auctions in Spain, Belgium and Ireland, which lifted some of the gloom over Europe's debt crisis.Around 10.15am the
The New Zealand sharemarket started the day strongly, after investors in the United States went on a buying binge following successful debt auctions in Spain, Belgium and Ireland, which lifted some of the gloom over Europe's debt crisis.
Around 10.15am the benchmark NZX-50 index was up 19.98 points to 3063.89, after minor gains on the first two days of the week.
The big early winner was Sky TV with a gain of 15c, or 3.1 percent, taking it share price to 495. That rise came after Sky TV shares added 16c yesterday, and returned the share price to the level it was at six weeks ago.
Contact Energy was up 6c to 595, but on small volume, while Port of Tauranga lifted 4c to 679, and Telecom added 3c to 193.
Stocks gaining 2c included Tower to 192, Rakon to 90 and Nuplex to 305. Fletcher Building edged up 1c to 806.
In the US, semiconductor shares led the way after two large Taiwanese chip producers pointed to growing global demand.
Stocks linked to global growth also rallied sharply, with heavy equipment maker Caterpillar Inc up 4 percent at $US63.46. Other multinationals with heavy exposure to Europe, such as aircraft maker Boeing Co, also climbed in sync with the rallying euro.
The Dow Jones industrial average gained 2.1 percent to 10,404.77, the Standard&Poor's 500 Index advanced 2.4 percent to 1115.23, and the Nasdaq Composite Index climbed 2.8 percent to 2305.88.
The S&P 500's rise lifted the index above its 200-day moving average, a level it has struggled to breach for the last month, and a milestone that could signal bullish momentum for investors.
