The New Zealand share market gained along with a rising United States stock market but not at the same pace.
The benchmark NZSX-50 index closed up 31.77 points, or 1.275 per cent, at 2523.394. Turnover was worth $80.90 million. There were 68 rises and 22 falls.
But late in the
New Zealand day the Japanese market was up 4.9 per cent and the Australian market was up 3.6 per cent after Wall Street closed out its best three-day run since the end of November.
Barry Lindsay, research manager at First NZ Capital, said the Dow rose 9.5 per cent over three days, while the New Zealand market rose about 2.5 per cent.
"Our recovery is nowhere near as powerful as that recorded by the US, although the recovery in the US has certainly had an impact on our market.
"If we hadn't had the US turnaround we would have still been languishing," he said.
The NZ dollar has also gained on the smaller than expected official rate cut this week but it has had a mixed impact on equities.
Fisher & Paykel Healthcare was down 5c to 332 and it is a company with a lot of offshore earnings.
Fisher & Paykel Appliances was down 1c to 51 and late in the session it announced it had secured a temporary bank facility.
Rakon, which was queried by NZX this month, rose 18c to 115 but Mr Lindsay said the stock is still well off its peak above $5 in 2007.
The Warehouse rose 5c to 350 after reporting a well-signalled interim profit result this week.
Telecom eased 1c to 234 and accounted for about a third of the market turnover.
SkyTV was down 1c to 380 and Tower eased 4c to 130. Goodman Property eased 2c to 123.
Guinness Peat rose 6c to 73, Methven rose 7c to 107 and NZX rose 38c to 600.
Mainfreight rose 16c to 368 and Nuplex rose 4c to 107.
Fletcher Building rose 14c to 545. Contact rose 7c to 567 on a day many state owned energy companies reported profits.
Pike River Coal rose 5c to 80 as investors continue to contemplate coal price forecasts and the company's capital raising plans.
Port of Tauranga rose 9c to 525. SkyCity rose 11c to 277.
Many of the companies rising today had been harshly treated by investors.
US stocks rose on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilisation in consumer spending.
The Dow Jones industrial average climbed 239.66 points, or 3.46 per cent, to 7170.06.
The Standard & Poor's 500 Index jumped 29.38 points, or 4.07 per cent, to 750.74. The Nasdaq Composite Index added 54.46 points, or 3.97 per cent, to 1426.10.
The Dow closed above 7000 for the first time since February 27, but remained down 49 per cent from its record close in October 2007.
- NZPA
<i>NZ stocks:</i> Market climbs over 1pc
The New Zealand share market gained along with a rising United States stock market but not at the same pace.
The benchmark NZSX-50 index closed up 31.77 points, or 1.275 per cent, at 2523.394. Turnover was worth $80.90 million. There were 68 rises and 22 falls.
But late in the
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