NZ sharemarket up again

Photo / Kenny Rodger

The New Zealand sharemarket rose further in early trading, following continued rises in overseas markets, with Fletcher Building again making a strong showing.

Fletcher Building shares lifted 9c early to $8.45, their highest level in 4-1/2 months, on top of an 11c gain yesterday.

Around 10.15am the benchmark NZX-50 index was up 5.85 points to 3184.32, having gained 17.5 points yesterday.

Mainfreight was another early highlight, gaining 10c to $7.10, while The Warehouse lifted 2c to $3.77, Steel & Tube 2c to $2.55, Sky TV 2c to $5.20, Methven 2c to $1.72, Rakon 2c to $1.16, and NZ Oil & Gas 2c to $1.31.

Restaurant Brands was down 2c to $2.42, while Telecom slipped 1c to $2.06, and Contact Energy was unchanged on $5.74.

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In the United States, stocks advanced to their highest levels in five weeks, taking the S&P 500 index near the top of its summer range on upbeat Chinese factory data and new global banking rules.

Global regulators agreed to force banks to more than triple their top-quality capital reserves in hopes of preventing another credit crisis. But the new rules, known as "Basel III," provide transition periods that could extend to January 2019 or later - more time than many bankers expected.

The Dow Jones industrial average gained 0.8 per cent to 10,544.13, the Standard & Poor's 500 Index climbed 1.1 per cent to 1121.90, and the Nasdaq Composite Index jumped 1.9 per cent to 2285.71.

- NZPA