KEY POINTS:
The New Zealand sharemarket rebounded off five-year lows in early trading, as stocks in the United States rose more than 3 per cent to snap back from 12-year lows.
NZ Oil & Gas shares rose 5c, or 4.2 per cent, to $1.25 after reporting a 30 per cent rise in half-year net profit to $54 million.
Port of Tauranga gained 15c, or 2.9 per cent, early to $5.30, after lifting half-year net profit 10 per cent to $22.5 million.
Around 10.15am the benchmark NZX-50 index was up 38.14 points, or 1.53 per cent, to 2525.67, as it pulled up from a 50.8-point drop yesterday.
Among major stocks, Fletcher Building gained 14c early to $5.49, Contact Energy rose 10c to $.590, and Telecom added 4c to $2.42.
Sky City gained 7c to $2.67, The Warehouse rose 5c to $3.25, Ryman Healthcare was up 5c to $1.20, while Fisher & Paykel Healthcare gained 4c to $3.26 and F&P Appliances added 3c to 53c.
Among the few stocks to decline early, Mainfreight dropped 7c to $3.43, ING Medical Properties were down 2c to $1.14 and Steel & Tube slipped 2c to $2.68.
In the US, stocks rose more than 3 per cent after Federal Reserve Chairman Ben Bernanke delivered a dose of relief when he signalled that nationalisation of big banks was not at hand.
Financials jumped on the bank news, while the energy sector gained as oil settled up 4 per cent.
The Dow Jones industrial average rose a preliminary 3.3 per cent, the Standard & Poor's 500 Index gained 4 per cent, and the Nasdaq Composite Index added 3.9 per cent.
- NZPA