Fletcher Building, NZX index gain in early trading

The NZX-50 opened up today, gaining almost 17 points within half an hour of the market's open today.

The benchmark index was at 3104.565, up 0.55 per cent, from its 10am open today. Following the release of its half-year results today, Fletcher Building gained 24c to $7.88. Telecom stood at $2.33 with no change, Skycity stayed at $3.19 and Contact gained 4c to $5.65.

NZ Oil and Gas gained 5c to $1.55, Auckland Airport gained 2c to $1.85, Air New Zealand gained 1c to $1.34, the Warehouse gained 2c to $3.80, Tourism Holdings gained 1c to 91, Mainfreight gained 4c to $5.80 and Nuplex gained 2c to $3.23.

Stocks to fall in early trading included Fisher & Paykel Appliances, down 1c to 62, NZ Refining shedding 5c to $3.50, ING Property down 1c to 73 and Cavalier down 3c to $2.52.

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US stocks posted their biggest daily percentage gain in three months on Tuesday after strong revenue from drugmaker Merck and regional manufacturing data instilled confidence in the economic outlook.

Resource-related shares were among the strongest gainers as a weaker US dollar sparked buying in oil and other commodities.

"Earnings have been strong and people are starting to believe the recovery we're seeing in the economy is real," said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore.

The S&P resumed weekly gains last Friday after four consecutive weeks of declines, which were triggered in part by fiscal weakness in Greece and other euro zone countries as well as uncertainty about China's moves to curb bank lending.

The Dow Jones industrial average rose 169.67 points, or 1.68 per cent, to 10,268.81. The Standard & Poor's 500 Index added 19.36 points, or 1.80 per cent, to 1,094.87. The Nasdaq Composite Index gained 30.66 points, or 1.40 per cent, to 2,214.19.

- NZPA