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The New Zealand share market has opened firmer today after Wall Street reacted positively to politicians tentatively agreeing to a massive bailout of the United States financial sector.
The benchmark NZX-50 index was up 23.62 points, or 0.73 per cent, to 3261.34 in the first 10 minutes of trading.
Telecom gained 3c to 282, Fletcher Building added 10c to 745 and Contact rose 12c to 863.
Fisher & Paykel Appliances was up 2c 170 and the healthcare stock was also up 2c at 302.
Other stocks to gain included Hallenstein Glasson 6c to 285, Pike River Coal 3c to 152, Sky TV 4c to 459, Tower 4c to 185 and GPG 2c to 128.
Rakon climbed 5c to 240 - recouping the 5c it lost yesterday after businessman Peter Maire sold down his stake in the company.
PGG Wrightson shares remained in a trading halt pending a company announcement, with investors awaiting details of a capital raising.
The only stocks among the top 50 to lose ground in the first 10 minutes today were Sky City, down 3c to 363, and NZ Refining down 3c to 664.
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All three major US stocks indices ended higher, following a three-day losing streak, as Congress closed in on a deal for a US$700 billion ($1.04 trillion) bailout that investors hope will thaw credit markets and revive lending.
The Dow Jones industrial average closed 196.89 points, or 1.82 per cent, higher at 11,022.06. The Standard & Poor's 500 Index was up 23.31 points, or 1.97 per cent, at 1209.18. The Nasdaq Composite Index was up 30.89 points, or 1.43 per cent, at 2186.57.
The bailout package to which Congress tentatively agreed would make a first slug of $250b available immediately, the Wall Street Journal reported, and would contain limits on "golden parachutes" paid to company executives.
- NZPA
