The New Zealand sharemarket opened stronger today, improving from a week of loses as investors continued to worry over European sovereign debt.About 10am, the benchmark NZX-50 index opened up 26 points or 0.87 percent at 3076.612 with the majority of comp
The New Zealand sharemarket opened stronger today, improving from a week of loses as investors continued to worry over European sovereign debt.
About 10am, the benchmark NZX-50 index opened up 26 points or 0.87 percent at 3076.612 with the majority of companies in positive ground, a slight improvement after hitting a nine-month low last week when the index sank as much as 2.6 percent.
The market made a small comeback as risk appetite rebounded with European policy makers saying the euro was not in danger, and news Germany's parliament had approved the European Union rescue package.
Among the leading shares, Fletcher Building was up 8c to 795 and Contact Energy jumped 2c to 597.
Telecom was among the couple of losing shares, down 2c to 197. It slipped below the 200 level last week for the first time, falling 6c to 199 on Friday.
Restaurant Brands were down 1c to 220.
Shares going up were Mainfreight up 9c to 610, SkyCity was up 4c to 296, and TrustPower was up 4c to 780.
Freightways jumped 2c to 307, Steel and Tube Holdings Limited was up 2c to 252 and Tourism Holding was up 1 to 85.
In the United States, stocks snapped a three-day losing streak on Friday as investors bought beaten-down shares on bets the financial regulation bill won't be as onerous as some had feared.
The Dow Jones industrial average gained 125.38 points, or 1.25 percent, to 10,193.39. The Standard&Poor's 500 Index jumped 16.10 points, or 1.50 percent, to 1087.69. The Nasdaq Composite Index rose 25.03 points, or 1.14 percent, to 2229.04.
