NZ shares up after good overseas data

Photo / Paul Estcourt

The New Zealand sharemarket rose in early trading as encouraging US data kept investors optimistic ahead of tonight's US monthly payroll figures.

With stable US jobless claims and a surprise increase of pending home sales, overseas markets held their ground, and now attention shifts to the US's non-farm payroll report, which is expected to show about 100,000 jobs were lost in August.

The benchmark NZX-50 index opened up 9.946 points, or 0.323 per cent, at 3092.43 with the majority of stocks showing gains.

The sharemarket continues to demonstrate its resilience in the wake of the collapse of South Canterbury Finance and the triggering of the Crown retail deposit guarantee by opening strong for a third consecutive day.

Telecom rose 2c to $2.05, Fletcher Building rose 2c to $7.70, and Contact Energy rose 1c to $5.62.

Other gainers were New Zealand Oil and Gas, up 1c to $1.21, Trustpower, up 2c to $7.18, and Rakon, up 1c to $1.17.

AMP Officer Trust rose 1c to 74, Goodman Property rose 1c to 94, and Nuplex rose 2c to $3.20.

NZX Limited gained 1c to $1.40 after being the only New Zealand company to feature in Forbes Magazine's list of 200 "best under a billion" top-performing companies in Asia.

The only two showing loses were Auckland Airport, down 1c to $2.02 and Tower Limited, down 1c to $1.89.

NZ Farming Systems Uruguay was flat at 69c after directors recommended Olam International's 70c a share offer; and Fisher & Paykel Healtcare was also unmoved at $2.98 following money-manager Mondrian Investment Partners Limited taking a five per cent stake in the company.

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In the US, The Dow Jones industrial average added 50.63 points, or 0.49 per cent, to 10,320.10. The Standard & Poor's 500 Index rose 9.81 points, or 0.91 per cent, to 1090.10. The Nasdaq Composite Index gained 23.17 points, or 1.06 per cent, to close at 2200.01.

- NZPA