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The New Zealand sharemarket opened higher today after US stocks rallied late in its day.
The benchmark NZSX-50 index was up 11.466 points at 4169.855 after it fell 54.911 points yesterday.
Brokers expect the rollercoaster ride the market has been on this week to continue. They say there has been no panic selling in the New Zealand market but buyers have retreated.
Telecom was up 2c at 451 ahead of its annual result due first thing tomorrow morning.
Fletcher Building was up 6c at 1240. Fisher & Paykel Healthcare was up 2c at 335 and Guinness peat Group was up 2c at 188.
ING Property Trust was down 1c at 118 and Kiwi Income Property Trust was down 1c at 151.
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US stocks rose in a last-minute rally on Wednesday as bargain hunters emerged but fears remain about the availability of funding for mergers in a credit crunch.
The Dow Jones industrial average shot up 150.38 points, or 1.14 per cent, to end at 13,362.37. The Standard & Poor's 500 Index gained 10.54 points, or 0.72 per cent, to finish at 1465.81.
- NZPA