NZ shares rise early

The New Zealand sharemarket rose in early trading, following four trading days of losses, after United States stocks jumped as manufacturing sector data came in better than expected.

Shares in Auckland Airport were up 5.6c to $1.96 after the lifting of a trading halt in place since last Wednesday while the company raised funds.

Around 10.15am the benchmark NZX-50 index was up 18 points, or 0.57 per cent, to 3168.97, having fallen 13.7 points yesterday when trading was reduced by the Auckland Anniversary Day holiday.

Shares rising 5c early included Fletcher Building to $7.95, Sky TV to $4.75, Sky City to $3.30, and NZ Refining Co to $3.67.

Among other early risers were Nuplex, up 4c to $3.25, Contact Energy up 3c to $5.83, Telecom up 2c to $2.39, Pike River Coal up 2c to 97c, and NZ Oil & Gas up 2c to $1.51.

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In the US, stocks rose as investors scooped up beaten-down shares following a recent sell-off after the reassuring manufacturing data and upbeat results from Exxon Mobil Corp.

Based on preliminary data, the Dow Jones industrial average rose 1.2 per cent to finish unofficially at 10,185.53, the Standard & Poor's 500 Index gained 1.4 per cent to 1089.19, and the Nasdaq Composite Index climbed 1.1 per cent to 2171.20.

- NZPA