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The New Zealand sharemarket had a solid start to trading, following a strong performance by United States' equities as US voters choose a new president.
Leading stock Telecom rose 2c early to $2.39, after a 7c fall yesterday, while among other top stocks, Contact Energy was up 5c to $7.40 and Fletcher Building added 15c to $5.99.
Around 10.15am the benchmark NZX-50 index was up 33.35 points, or 1.2 per cent, to 2877.66, having closed down 12.4 points yesterday.
Sky TV was up 8c to $4.15, Sky City rose 6c to $3.18, NZ Oil & Gas was up 7c to $1.39, Mainfreight lifted 4c to $5.39, and Fisher & Paykel Appliances was up 5c to $1.55.
Auckland Airport gained 4c early to $1.85, after saying its full offer of $130 million of retail bonds was completely subscribed.
Among stocks rising 3c, F&P Healthcare was up to $3.14, Freightways to $3.00, Guinness Peat Group to $1.00, Pike River Coal to $1.33, and Tower to $1.63.
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In the US, investors picked up shares around five-year lows amid further signs of easing in credit markets.
But the presidential election was first and foremost on investors' minds, with market watchers noting there was some relief that the final outcome was within reach.
"We normally would have a relief rally and this happens almost every election," said Al Kugel, chief investment strategist at Atlantic Trust in Chicago.
The Dow Jones industrial average rose 2.9 per cent to 9587.53. The Standard & Poor's 500 Index gained 3.6 per cent at 1001.16. The Nasdaq Composite Index was up 2.8 per cent at 1774.73.
- NZPA
