KEY POINTS:
The New Zealand share market hitched a ride higher with a rebounding US market today.
The benchmark NZSX-50 index closed up 29.37 points, or 1.086 per cent, at 2734.411. The move came after the Dow rose 3.51 per cent and as Australia's market rose and Japan's eased slightly.
Turnover was worth $80.46 million. Of the 30.45 million shares traded 11.5 million were Telecom shares.
"It was a nice bounce back after Wall Street was quite solid last night," said Grant Williamson, director at Hamilton, Hindin, Greene.
"The highlight has to be Telecom, which continues to come in for some quite good demand," he said.
However, he did not know who was buying. Telecom rose 4c to 251.
Other leaders also had good days. Fletcher Building rose 11c to 575 after falling yesterday. It announced it has sold $100 million of capital notes and the sale is still open.
Contact Energy rose 16c to 676, recovering some of the ground it lost on the back of a profit warning this week.
Freightways rose 10c to 280 but Mainfreight was again weak, falling 3c to 447.
Fisher & Paykel Healthcare fell 1c to 316 and the appliances stock fell 1c to 130.
Lion Nathan rose 10c to 1035 and SkyTV rose 6c to 395. Infratil rose 2c to 167 and Air NZ rose 1c to 89.
SkyCity rose 1c to 313 and Michael Hill rose 1c to 54.
The flow of corporate news was again light ahead of the profit reporting season.
The Warehouse rose 10c to 370 and NZOG rose 2c to 126. Ebos rose 446.
US stocks jumped on Wednesday, rebounding from a two-month low, after a surprisingly healthy earnings report from IBM caused optimism that technology may fare better than other sectors during the recession.
The Dow Jones industrial average gained 279.01 points, or 3.51 per cent, to 8228.10. The Standard & Poor's 500 Index rose 35.02 points, or 4.35 per cent, to 840.24. The Nasdaq Composite Index climbed 66.21 points, or 4.60 per cent, to 1507.07.
- NZPA
