Robust start for sharemarket

The New Zealand sharemarket had a robust start to the day amid a global lift in stocks as fresh data in the United States spurred optimism about an economic recovery.

The gains in this country come despite a 1c fall to $2.67 by top stock Telecom.

Yesterday the Government said partners for its $1.5 billion investment in ultra-fast broadband cannot be controlled by shareholders who own retail telecommunications assets.

Around 10.15am the benchmark NZX-50 index was up 17.88 points, or 0.57 per cent, to 3135.47, after yesterday gaining 18 points.

Shares rising early included NZX, up 10c to $8.00, Fletcher Building up 9c to $8.27, Steel & Tube up 6c to $3.40, Sky TV up 5c to $4.55, Sky City up 5c to $3.28, NZ Refining Co up 5c to $5.05, Methven up 5c to $1.60, and Contact Energy up 5c to $5.98.

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In the US, stocks rose for a third day, hitting fresh 2009 highs in a broad-based rally following economic data that suggested a stronger-than-anticipated global recovery.

In Europe, the FTSEurofirst 300 index, led by heavyweight banks and commodity stocks, closed up 1.4 per cent, rising for eight of the past nine sessions.

Most major Asian equity markets gained 1 per cent or more, with the MSCI index of Asia-Pacific shares excluding Japan rising 2.6 per cent to its highest this year, although Japan's benchmark Nikkei stock index rose just 0.5 per cent.

Australian stocks jumped 2.4 per cent yesterday to their highest level in more than 11 months.

- NZPA