NZ sharemarket opens strongly

Photo / Kenny Rodger

The New Zealand sharemarket rose in early trading today as relatively positive global data incited overseas market investors to start their week on a bold note.

The benchmark NZX-50 index opened up 18.734 points, or 0.615 per cent, at 3062.906 with most stocks showing gains, and none showing losses. It continued to gain reaching 3066.912 at about 10.30am.

Telecom continued to rise today, up 3c to $2.03 after putting in a new pitch yesterday to partner the Government in high-speed broadband network initiatives, including confirmation it is prepared to seperate its network from the rest of its business.

Among the winners, New Zealand Oil and Gas rose 3c to $1.25, Ebos Group rose 10c to $6.50, Port of Tauranga rose 5c to $6.85 and Cavalier rose 7c to $2.59.

Contact Energy was up 5c to $5.75 and Fletcher Building was up 7c to $7.65.

Sky City rose 2c to $3.07, Air New Zealand rose 1c to $1.13, The Warehouse rose 6c to $3.64, and Ryman rose 2c to $2.06.

AMP NZ Office stayed put despite announcing a 2.5 per cent rise in full year profit today, as Property for Industry went up 1c to $1.14 after reporting a rise in interim profit yesterday.

Tower was up 1c to $1.85, Nuplex was up 4c to $2.99 and ANZ was up 40c to $29.40.

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In the United States, stocks closed at their highest level in 10 weeks and the Standard & Poor's 500 pierced key technical levels as a weaker US dollar lifted the energy and raw materials sectors.

The Dow Jones industrial average gained 208.44 points, or 1.99 per cent, to 10,674.38. The S&P 500 advanced 24.26 points, or 2.20 per cent, to 1125.86. The Nasdaq Composite Index rose 40.66, or 1.80 per cent, to 2295.36.

The S&P 500 closed the session above its 200-day moving average and the 1121.86 level, the midpoint of the slide from its historic high reached in October 2007 and the 12-year low hit in March 2009, which has been viewed as a key resistance level.

- NZPA