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Positive start for NZ sharemarket

The New Zealand sharemarket rose further in early trading, following continued rises in overseas markets, with Fletcher Building again making a strong showing.Fletcher Building shares lifted 9c early to 845, their highest level in 4-1/2 months, on top of

NZPA
Tue, 14 Sep 2010

The New Zealand sharemarket rose further in early trading, following continued rises in overseas markets, with Fletcher Building again making a strong showing.

Fletcher Building shares lifted 9c early to 845, their highest level in 4-1/2 months, on top of an 11c gain yesterday.

Around 10.15am the benchmark NZX-50 index was up 5.85 points to 3184.32, having gained 17.5 points yesterday.

Mainfreight was another early highlight, gaining 10c to 710, while The Warehouse lifted 2c to 377, Steel&Tube 2c to 255, Sky TV 2c to 520, Methven 2c to 172, Rakon 2c to 116, and NZ Oil&Gas 2c to 131.

Restaurant Brands was down 2c to 242, while Telecom slipped 1c to 206, and Contact Energy was unchanged on 574.

In the United States, stocks advanced to their highest levels in five weeks, taking the S&P 500 index near the top of its summer range on upbeat Chinese factory data and new global banking rules.

Global regulators agreed to force banks to more than triple their top-quality capital reserves in hopes of preventing another credit crisis. But the new rules, known as "Basel III," provide transition periods that could extend to January 2019 or later -- more time than many bankers expected.

The Dow Jones industrial average gained 0.8 percent to 10,544.13, the Standard&Poor's 500 Index climbed 1.1 percent to 1121.90, and the Nasdaq Composite Index jumped 1.9 percent to 2285.71.

NZPA
Tue, 14 Sep 2010
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Positive start for NZ sharemarket
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