Fletcher and Contact shares reverse falls

File photo / Paul Estcourt

Leading shares Fletcher Building and Contact Energy reversed yesterday's losses in early trade, after a bounce back by equities in the United States.

Around 10.15am the benchmark NZX-50 index was up 12.33 points to 3255.34, after yesterday losing 14.9 points.

Fletcher Building gained 9c to $8.22 early after ending down 7c yesterday, while Contact Energy was up 4c to $5.76 after yesterday's 2c lost.

Restaurant Brands added to yesterday's 6c gain with another 3c lift, taking it to $2.61. Yesterday the company reported a 50 per cent rise in first half net profit, excluding non-trading items, to $13.9 million.

Among shares gaining 2c early were retailer The Warehouse, to $3.95, Sky City to $2.95, Rakon to $1.26, Port of Tauranga to $7.29, Nuplex to $3.31, Methven to $1.75, and Air NZ to $1.33. Metlifecare, holding its annual meeting today, gained 5c early to $2.25.

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The rebound in the US came as a fall in the greenback spurred buying in industrial and commodity-linked shares, while another batch of strong corporate earnings added to gains.

The Dow Jones industrial average gained 1.2 per cent to 11,107.97, the Standard & Poor's 500 Index rose 1.1 per cent to 1178.17, and the Nasdaq Composite Index added 0.8 per cent to 2457.39.

- NZPA