NZ shares show modest early rise
The New Zealand sharemarket rose modestly in early trading as insurer Tower slipped and Fletcher Building gained.
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The New Zealand sharemarket rose modestly in early trading as insurer Tower slipped and Fletcher Building gained.
Around 10.15am the benchmark NZX-50 index was up 3.7 points to 3333.46, having yesterday gained 5.7 points.
Fletcher Building was up 4c to 787 early, on the day the company's $A740 million ($NZ960m) offer for ASX-listed building supplies firm Crane Group opened.
Tower was down 6c to 201, after shares in big Australian insurers were hit yesterday on concerns about the effect on earnings of insurance payouts resulting from the Queensland floods.
Contact Energy fell 3c to 620, having announced after the market closed yesterday that its current managing director David Baldwin would step down in three months and rejoin parent company Origin Energy. His successor, Dennis Barnes, has worked for Origin since 1998.
Restaurant Brands was down 3c to 265, Nuplex gained 2c to 352, and Telecom was unchanged early on 220.
In the United States energy shares helped the Dow Jones industrial average and the Standard&Poor's 500 end a three-day losing streak, even as investors worried rising fuel costs will undercut economic growth.
The Dow gained 0.3 percent to 11,671.81, according to the preliminary figures, while the S&P gained 0.4 percent to 1274.47, and the Nasdaq Composite gained 0.3 percent to 2716.83.
NZPA
Wed, 12 Jan 2011
Wed, 12 Jan 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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NZ shares show modest early rise
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