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Strong start for NZ sharemarket

The New Zealand stock exchange started the day strongly, after a 1.9 percent fall yesterday took the market's losses since its most recent high in mid-April to more than 10 percent.Today's early surge came after stocks in the United States staged a furiou

NZPA
Wed, 26 May 2010

The New Zealand stock exchange started the day strongly, after a 1.9 percent fall yesterday took the market's losses since its most recent high in mid-April to more than 10 percent.

Today's early surge came after stocks in the United States staged a furious late-day rally as the focus shifted from European debt woes to buying after US shares hit six-month lows.

In this country, the benchmark NZX-50 index was up 22.1 points, or 0.7 percent, to 3025.93 around 10.15am.

Fletcher Building reversed much of yesterday's 21c loss, with a 19c gain early today to 780, while Telecom lifted 6c to 191 after reaching a record closing low of 185 yesterday.

Port of Tauranga lifted 5c to 690, Hellaby Holdings added 4c to 160, Methven lifted 3c to 158, The Warehouse was up 2c to 354 and Auckland Airport gained 2c to 185.

Dual-listed bank ANZ was up 48c to 2668, while Westpac added 10c to 2760.

Early falls included Ebos Group down 8c to 601, and NZ Oil&Gas down 2c to 138.

Fisher&Paykel Healthcare shares were unchanged on 340, after reporting a 15 percent rise in full year profit.

The rally in the US came after major US indexes fell more than 3 percent early in the session on growing questions about the stability of the European banking system after a small Spanish bank failed over the weekend.

The Dow Jones industrial average ended down 0.2 percent at 10,043.75, the Standard&Poor's 500 Index gained just 0.04 percent to end at 1074.03, and the Nasdaq Composite Index shed 0.1 percent to 2210.95.

NZPA
Wed, 26 May 2010
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Strong start for NZ sharemarket
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