Small early gains by NZ sharemarket
The New Zealand sharemarket made only small gains in early trading, despite a rebound in stock markets around the world, as key share Telecom pulled back from yesterday's 14-month high.
The New Zealand sharemarket made only small gains in early trading, despite a rebound in stock markets around the world, as key share Telecom pulled back from yesterday's 14-month high.
Around 10.15am the benchmark NZX-50 index was up 2.44 points to 3561.99, after yesterday ending up 1.5 points after having reached an intraday high around 3567, its highest level in nearly three years.
Telecom was down 4.5c at one point early today but pared losses within minutes to 2.5c, taking the price to 235, followed yesterday's announcement the Government had pulled a regulatory holiday from its ultrafast broadband plan. Some investors thought the move would mean Telecom was in pole position to build the network.
Yesterday Telecom shares climbed as high as 240 in intraday trading, their highest level in 14 months.
Ryman Healthcare charged ahead 8c early to 270 after the aged care and retirement village operator announced a 17 percent rise in full year underlying profit to $72 million.
NZX gained 5c to 241, Port of Tauranga lifted 4c to 899, Steel&Tube was up 4c to 266, and NZ Refining Co added 3c to 458.
A rally in commodity prices from steep losses helped lift global stocks, with US stocks recording their best day in three weeks, led by gains in energy and basic materials shares, while a more than 5 percent jump in the stock of computer maker Dell boosted the technology sector.
The Dow Jones industrial average gained 0.65 percent to 12,560.18, the Standard&Poor's 500 Index rose 0.9 percent to 1340.68, and the Nasdaq Composite Index added 1.1 percent to 2815.00.
World stocks as measured by MSCI jumped 0.9 percent, bouncing off five days of losses, while Europe's FTSEurofirst 300 rose 0.4 percent.
NZPA
Thu, 19 May 2011
Thu, 19 May 2011
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Small early gains by NZ sharemarket
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