Fletcher Building's share price recovered half of yesterday's loss in early trade, as the New Zealand sharemarket managed a respectable start to the day.
Fletcher shares gained 8c early to $6.50, having fallen 16c yesterday after it was reported that Australian building approvals fell 12.5 per cent in May and 22.4 per cent in the year.
Among other leading shares, Telecom was up 1c early in early trade today to $2.74, while Contact Energy lost 2c to $5.78, adding to yesterday's 5c fall.
Around 10.15am the benchmark NZX-50 index was up 9.06 points to 2789.43, after closing down 15.7 points yesterday as it reflected weakness in offshore markets.
Other shares rising early included Trustpower, up 5c to $7.70, Delegats Group up 4c to $2.09, Scott Technology up 4c to 85c, Nuplex up 3c to $1.53, and The Warehouse up 2c to $3.77. Dual-listed ANZ lifted 27c to $20.55 and Lion Nathan gained 23c to $14.65.
Shares declining early included Tower, down 4c to $169.
* * *
In the United States stocks rose at the start of the third quarter, as reassuring manufacturing data from China, Europe and the US reinforced hopes that the world's economy is on the road to recovery.
A day after the benchmark S&P 500 wrapped up its best quarter in a decade, investors ploughed new money into stocks, boosting growth-sensitive sectors like energy, industrials, technology, materials and consumer discretionaries.
The Dow Jones industrial average rose 0.7 per cent to 8504.06, the Standard & Poor's 500 Index gained 0.4 per cent to 923.33, and the Nasdaq Composite Index shot up 0.6 per cent to 1845.72.
- NZPA
<i>NZ shares:</i> Market lifts early
AdvertisementAdvertise with NZME.