The New Zealand sharemarket bounced back early from yesterday's 0.9 percent fall, as leading stocks gained ground after falling in the sell-off yesterday.A few minutes after the market opened today Fletcher Building shares were up 7c to 849, Contact Energ
The New Zealand sharemarket bounced back early from yesterday's 0.9 percent fall, as leading stocks gained ground after falling in the sell-off yesterday.
A few minutes after the market opened today Fletcher Building shares were up 7c to 849, Contact Energy rose 4c to 640 and Telecom gained 2c to 219.
Around 10.15am the benchmark NZX-50 index was up 20.1 points, or 0.6 percent, to 3302.29, having yesterday fallen 29.1 points after markets saw fraud charges against Goldman Sachs and disappointing earnings reports in the United States as a reason to sell off shares.
Nuplex was up 8c to 320 after falling 14c yesterday. The Securities Commission has announced it is filing civil proceedings for non-compliance with continuous disclosure requirements. The company is vigorously defending the charges.
Other stocks rising today included Mainfreight, up 7c to 660, Sky City up 4c to 324, Fisher&Paykel Healthcare up 4c to 345, Tower up 3c to 203, and NZ Refining Co up 3c to 383.
In the United States, stocks rose as investors reassessed the potential damage of the fraud case against Goldman Sachs and earnings optimism grew.
Investors said the furore over Goldman started to die down during trading, allowing people to refocus on coming earnings.
The Dow Jones industrial average rose 0.7 percent to 11,092.05, the Standard&Poor's 500 Index added 0.5 percent to 1197.52, but the Nasdaq Composite Index edged down 0.1 percent to 2480.11.
