The New Zealand sharemarket rose today along with offshore markets but trading volume remained thin ahead of the local election this weekend.
As the market closed Barack Obama was elected president of the United States in a clear result. A clear result is what investors would also like
from New Zealand's election at the weekend.
The benchmark NZSX-50 index closed up 41.802 points, or 1.47 per cent, at 2886.112, having raced 1.2 per cent ahead in early trade.
"It is just following on from offshore trends. There was no particular company news in New Zealand," said Phil Hunter of First NZ Capital.
He said volume was very light and expected to remain so ahead of the New Zealand election on Saturday. There were 54 rises and 17 falls and volume was worth $45.97 million.
Telecom eased a cent to 236 but Fletcher Building rose 40c to 624 to help the index along.
Contact rose 4c to 739 and TrustPower rose 10c to 760.
Vector rose 2c to 200 after announcing it had secured some LPG supply locally.
Freightways rose 8c to 305. Fisher & Paykel Appliances rose 5c to 155. The Warehouse rose 1c to 400.
Retailers were mixed amid reports of tough trading conditions. Michael Hill rose 1c to 70 and Pumpkin Patch rose 8c to 108 but Hallenstein Glassons was unchanged at 238. Hellaby Holdings eased 2c to 158.
Auckland Airport gained 2c to 183, after saying its full offer of $130 million of retail bonds was completely subscribed.
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.
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
