NZ sharemarket starts strong

File photo

Telecom shares edged up to an 11-month high as the New Zealand sharemarket started the day strongly, following a good showing by blue chips in the United States.

Around 10.15am the benchmark NZX-50 index was up 14.86 points to 3367.51, having edged down less than 1 point yesterday.

Telecom gained 1c to 232, as other leading shares made bigger gains with Fletcher Building up 9c to 790 and Contact Energy gaining 4c to 630.

Ebos group lifted 10c to 750, Mainfreight gained 8c to a four-year high 810, Nuplex was up 2c to 364, Auckland Airport added 2c to 227, and Cavalier Corp lifted 2c to 320, while Restaurant Brands lost 4c to 247.

In the United States, Wall Street resumed its rally, ending higher on gains by tech and natural resources shares as investors see stocks regaining the momentum lost last week.

The blue-chip Dow Jones industrial average gained 0.9 per cent to 11,979.91, according to preliminary figures, while the Standard & Poor's 500 Index rose 0.6 per cent to 1290.79, and the Nasdaq Composite Index 1 per cent to 2717.55.

- NZPA