The New Zealand sharemarket continued rising following yesterday's surge as data from several countries eased worries about the sagging global economy.
Major stock indexes around the world have rallied more than 2 per cent. MSCI's all-country world index surged 2.7 per cent in its biggest one-day percentage gain since late May. European shares rose at their fastest pace in three months and Wall Street posted its best day in eight weeks.
Factory data from the United States and China was better than expected, the Australian economy burst ahead, and dairy prices rose strongly at Fonterra's online trading event overnight.
Around 10.15am the benchmark NZX-50 index was up 19.19 points to 3096.29, its highest level in more than three months. Yesterday the index ended up almost 41 points.
Shares rising early today included Contact Energy up 8c to $5.69, Nuplex up 7c to $3.20, Fletcher Building up 7c to $7.68, and Pike River Coal up 5c to $1.10.
The Warehouse lifted 4c to $3.64, Steel & Tube gained 4c to $2.21, NZ Refining Co added 4c to $3.21, Mainfreight was up 4c to $6.75, Sky TV lifted 3c to $5.10, Freightways was up 3c to $2.90, and Air New Zealand lifted 3c to $1.29. Telecom edged ahead 1c to $2.06.
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In the US, the Dow Jones industrial average rose 2.5 per cent to 10,269.47, the Standard & Poor's 500 Index added 3 per cent to 1080.29, and the Nasdaq Composite Index gained 3 per cent to 2176.84.
The S&P closed above its 14-day moving average for the first time since August 10.
- NZPA
NZ shares rise early
Photo / Kenny Rodger
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