NZX50 tops 3000 - first time in 9 months

The New Zealand sharemarket's benchmark NZX-50 index climbed through the 3000 level for the first time in 9-1/2 months in early trading today.

The index has risen for the previous 10 consecutive trading days from a low below 2740. It is now up 14 points, or 0.48 per cent to 3012 after gaining 36 points yesterday.

Shares rising 5c early today included Contact Energy to $6.24, Port of Tauranga to $6.45, and Air New Zealand to $1.03.

Sanford, which is buying marine farms in the Marlborough Sounds from Sealord for $23.4m, rose 5c to $5.30, on top of a 5c gain yesterday.

Sky TV gained 3c to $4.39, The Warehouse was up 3c to $3.92, Goodman Property Trust added 2c to $1.00, Sky City was up 2c to $3.15, and Fisher & Paykel Appliances rose 2c to 88.

NZ Refining slipped 6c to $7.59, after rising 15c yesterday amid speculation US refiner Valero was looking at the company at a time when major oil company shareholders are considering exiting.

Fisher & Paykel Healthcare dropped 4c to $3.15, Fletcher Building was down 4c to $7.25, and NZ Farming Systems Uruguay lost 2c to 44c.

Leading stock Telecom was unchanged early at $2.86, after rising 6c yesterday.

***

In the US, stocks rose slightly in a late rally as investors rotated into financial shares, which had lagged in the recent two-week run-up.

Upbeat data on new home sales underpinned financial stocks, the session's strongest sector, and prompted investors to snap up the shares of several regional banks, which had been among the worst hit by credit losses tied to a weak housing market.

The Dow Jones industrial average rose 0.2 per cent to close at 9108.51, the Standard & Poor's 500 Index gained 0.3 per cent to 982.18, and the Nasdaq Composite Index added 0.1 per cent to end at 1967.89.

- NZPA