NZ stocks up amid global enthusiasm

The New Zealand sharemarket was caught up in the global enthusiasm for risk, with strong gains in the first few minutes of trading today.

The early confidence in this country came after global stocks surged to a nine-month high, with improved economic data coming out of the United States and China.

Around 10.15am the benchmark NZX-50 index was up 34.07 points, or 1.1 per cent, to 3081.92, on top of yesterday's 31.6-point gain.

Among leading stocks, Telecom rose 3c early to $2.86, Fletcher Building gained 13c to $7.53, and Contact Energy lifted 6c to $6.40.

Other early gains included Mainfreight up 10c to $4.75, Freightways up 7c to $3.22, Fisher & Paykel Healthcare up 6c to $3.36, Tourism Holdings up 6c to 58, Steel & Tube up 5c to $3.20, Tower up 5c to $1.81, and Trustpower up 5c to $7.85.

Stocks rising 4c included Port of Tauranga to $6.39, Ryman Healthcare to $1.78, The Warehouse to $3.98, and Sky City to $3.40.

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In the US, the S&P 500 index went above 1000 for the first time in nine months, as data on the manufacturing sector underscored optimism that the economy was recovering.

The Nasdaq closed above 2000 for the first time since early October.

Stocks got a big boost at the start of the day from data showing the manufacturing sector edged closer to growth.

The Dow Jones industrial average shot up 1.3 per cent to 9286.56, the Standard & Poor's 500 Index climbed 1.5 per cent to 1002.63, and the Nasdaq Composite Index advanced 1.5 per cent to 2008.61.

- NZPA