NZ shares leap in early trade

The New Zealand sharemarket leapt ahead in early trading, following a surge by stocks in the United Stocks on strong corporate profits and rebounding home sales.

By 10.15am the benchmark NZX-50 index was up 44.11 points, or 1.5 per cent, to 2962.75. A few minutes earlier the index had topped 2968 points, its highest level in nine months.

Today's early rise follows eight consecutive trading days of gains, which have taken the level from below the 2740 on July 14.

Among leading shares today Telecom was up 5c early to $2.86, Fletcher Building gained 11c to $7.25, and Contact Energy was up 4c to $6.05.

Auckland Airport, which yesterday announced a joint venture plan to build a $65 million Novotel hotel, was up 13c to $1.77.

Ebos Group lifted 10c to 531, NZ Refining was up 10c to $7.25, Port of Tauranga gained 6c to $6.46, and Sky City lifted 6c to $3.26.

Infratil was up 5c to $1.82, Tower lifted 5c to $1.81, The Warehouse was up 5c to $3.80, Trustpower was up 4c to $7.65, Cavalier Corp gained 3c to $2.15, and Fisher & Paykel Healthcare was up 3c to $3.15.

The few shares to lose ground early included Hellaby Holdings, which eased 2c to $1.23.

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The surge in US stocks drove the Dow industrials above the key 9000 mark for the first time since January, and helped all 10 of the S&P 500's benchmark sectors to finish the day in positive territory.

The market extended opening gains after data showed US existing home sales rose in June -- the first time since 2004 that this measure has risen three months in a row.

The Nasdaq registered its 12th straight day of gains, its longest winning streak since 1992.

The Dow Jones industrial average jumped 2.1 per cent to end at 9069.29 - its highest close since November 2008.

The Standard & Poor's 500 Index gained 2.3 per cent to 976.29, and the Nasdaq Composite Index climbed 2.5 per cent to 1973.60.

- NZPA