NZ shares up in quiet trade, ASX also rises
UPDATED 3.45pm: New Zealand shares have settled back a little in late trading, with the market up just 0.7%. Aussie market up 1.1%.
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UPDATED 3.45pm: New Zealand shares have settled back a little in late trading, with the market up just 0.7%. There have been 71 rises and 38 falls among the companies listed.
Bliss Technologies, Dorchester Pacific and Allied Farmers led the gains on a quiet day with just $84 million worth of trades.
Across the Tasman, the ASX S&P 200 is trading up 1%, or 41 points higher, at 4185.
UPDATED 12.15pm: The Australian stock exchange has opened up 1.3%, rising 53.8 points to 4194.6.
Most stocks are up in early trading but a handful have fallen, including dual-listed miner Oceanagold, which is down 2.8%, dropping 6Ac to $A2.11.
Bank stocks are steady, with ANZ up 0.9%, rising 18Ac to $A20.27, ASB parent Commonwealth Bank up 1.5%, rising 71Ac to $A49.290, BNZ parent National Australia Bank up 1%, rising 24Ac to $A23.14 and Westpac up 1.4%, rising 29Ac to $A20.74.
The New Zealand sharemarket has inched higher in early trading to set a more positive note at the end of a roller coaster week.
Matching the upswing in global equities markets, the NZX50 index has risen 50.4 points or 1.57% to 3,259 points at 11.45am.
It was a week ago the turbulent ride began, when the NZX had its shock 83.46 point or 2.5% fall to 3,294.319 – a level not seen since December last year.
However the slump worsened this week when it fell through the 3100 point mark on Tuesday as panic selling shaved billions from the value of New Zealand stocks.
But the turnaround began yesterday, with the NZX50 rising nearly 25 points to close up 0.8%.
Overnight, stocks around the world have rebounded as investors seized on favourable corporate and economic reports.
Analysts expect global market jitters to continue for some time, but there's a general consensus the NZX is well placed withstand the turbulence.
Georgina Bond
Fri, 12 Aug 2011
Fri, 12 Aug 2011
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NZ shares up in quiet trade, ASX also rises
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