KEY POINTS:
Another strong session on Wall Street saw the depressed local sharemarket stage a mild rally today.
The NZSX-50 index, which fell 0.8 per cent yesterday, was up 12.1 points to 3555.4 at 10.15am today.
There were 18 rises and nine falls among the 59 stocks traded and turnover was steady at $55m.
Auckland Airport recovered 4c to 249 after plunging 38c yesterday when the Government passed legislation on Monday night wiping out the tax advantages for the Canadian Pension Investment Board fund.
The CPPIB said it would proceed with its partial $3.59/share offer, but that failed to quell investor concerns.
Market leader Telecom, which yesterday slumped to a 15 year low, recovered 4c to 390.
Fletcher Building built on yesterday's 13c gain, rising 5c to 980.
F&P Appliances doubled yesterday's 3c gain to be on 259 despite the kiwi dollar's rise to a post float high of US81.58c. F&P Healthcare was up 5c to 260.
Casino operator Sky City recovered 4c of yesterday's 10c loss to be on 390. On Monday it gained 5c after it pleasantly surprised the market with a strong first half result.
Richina Pacific rose 6c to 60c while South Port rose 25c to 235, both on light turnover.
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In the US, Moody's confirmation of bond insurer MBIA Inc's "AAA" rating boosted the outlook for financial firms. The move comes a day after Standard & Poor's took MBIA's top rating off its credit watch.
Computer services company IBM said a US$15 billion ($18.66 billion) buyback programme could boost its 2008 earnings per share, and lifted the broader market as it showed it can still earn robust profits even as economic data indicates the US economy is on the brink of a recession.
The Dow Jones industrial average closed 114.70 points, or 0.91 per cent, to end unofficially at 12,684.92. The Standard & Poor's 500 Index rose 9.49 points, or 0.69 per cent, to finish unofficially at 1381.29 and the Nasdaq Composite Index rose 17.51 points, or 0.75 per cent, to close unofficially at 2344.99.
- NZPA