KEY POINTS:
The sharemarket started the new financial year on a positive note after Wall Street rallied and there was no sign of it being an April Fool's joke.
The NZSX-50 benchmark index rose 9.851 points to 3480.28 after posting a 22.93 point gain yesterday.
The New Zealand business forecast was gloomy in the latest National Bank survey, but the sharemarket has shrugged that off this morning.
Telecom rose 1c to 375. The company named its new chief financial officer this morning. Yesterday was "Separation Day", the day the company split into three operational units under pressure from the Government.
Fletcher Building rose 10c to 849 and Contact gained a cent to 800.
Sky City rose 1c to 370 after posting a 12c gain yesterday.
Cavalier eased 4c to 251. TrustPower rose 10c to 765 and Air NZ rose 1c to 130. Hellaby rose 3c to 175.
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In the US, a report showing stronger-than-expected midwestern business activity helped improve sentiment there.
The Dow Jones industrial average gained 46.49 points, or 0.38 per cent, to close unofficially at 12,262.89. It was still Wall Street's worst quarter in 5-1/2 years.
- NZPA