The New Zealand stock market pushed ahead to its highest level in 19 months in early trading while market heavyweight Telecom was placed on a trading halt, pending a 'material announcement'.
The benchmark NZX-50 index climbed as high as 3346.45 in early trading and by 10.15am was up 9.76 points to 3345.27, after rising 25.5 points yesterday.
Today's early gains came after world stocks rallied to year-long highs.
Fletcher Building shares gained 8c early to $8.53, NZ Refining Co lifted 5c to 395, Sky TV was up 4c to $5.20, Hallenstein Glasson lifted 4c to $3.54, and Air New Zealand gained 3c to $1.43.
Shares rising 2c included Tower, to $2.03, Steel & Tube to $2.72, Restaurant Brands to $2.22, and Fisher & Paykel Healthcare to $3.42.
Fishing company Sanford fell 6c to $4.50.
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In the United States, stocks notched a fifth straight day of gains as stronger-than-expected corporate results and March retail sales pushed the Standard & Poor's 500 past 1200 for the first time in 18 months.
More stocks hit a 52-week high on the New York Stock Exchange than on any day since the end of December 2003. The Nasdaq recorded its greatest number of 52-week highs since January 2004.
The Dow Jones industrial average was up 0.9 per cent at 11,123.11, the S&P 500 Index was up 1.1 per cent at 1210.65, and the Nasdaq Composite Index was up 1.6 per cent at 2504.86.
- NZPA
Telecom on trading halt
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