NZ Shares: Market recovery continues

The New Zealand sharemarket continued yesterday's recovery when it opened today, following a solid performance by equities in the United States.

Helping pull the market ahead early was Contact Energy, which rose 12c to $5.63, Nuplex which gained 5c to $1.15, Rakon up 5c to 74 and Tourism Holdings up 5c to 55.

Leading stock Telecom was up 1c to $2.39, after adding 12c yesterday, while Fletcher Building lifted 2c to $5.28 in the first few minutes today on top of yesterday's 11c gain.

Around 10.15am the benchmark NZX-50 index was up 20.32 points, or 0.8 per cent, to 2489.67, following on from a 51.4-point gain yesterday.

The market had started March with two losing days following a 9.1 per cent fall in February, which ASB said reflected disappointing earnings reports and difficult trading conditions.

Among other stocks rising early today, Hallenstein Glasson added 5c to $2.10, Guinness Peat Group was up 3c to 60, and Auckland Airport was up 2c to $1.74.

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In the US stocks rallied, ending a five-day losing streak, as another Chinese stimulus package boosted commodity prices and encouraged investors to jump into energy and natural resource shares.

The Dow Jones industrial average ended up 2.2 per cent according to preliminary closing figures, with the Standard & Poor's 500 Index up 2.4 per cent, and the Nasdaq Composite Index up 2.5 per cent.

- NZPA