12.00pm
The New Zealand sharemarket responded to Wall Street's pumping 3.4 per cent gain with a modest 0.8 per cent rise in early business today.
Forsyth Barr Frater Williams executive director Don Turkington said the rise was "sensible" given New Zealand was so distant from the drivers of growth.
He also suspected the
market would pick up momentum later in the day, particularly in market heavyweight Telecom.
The NZSE-40 Capital Index was up 16.35 points to 1991.86 by noon. On-market activity was light and the volume traded was worth just $17 million.
"Our market is not responding either was to the extreme convulsions on Wall Street," Dr Turkington said.
US stocks shot higher, yanking the broad market off five-year lows, as robust earnings from online giant Yahoo and a better-than-expected read on the job market helped lift the mood of demoralised investors.
The blue-chip Dow Jones industrial average rallied 247.68 points, or 3.4 per cent, to 7,533.95 while the Nasdaq Composite Index scrambled up 49.25 points, or 4.42 per cent, to 1,163.36.
Although yesterday's NZIER Quarterly Survey of Business Opinion suggested strong growth would continue for the rest of the year, Dr Turkington said most of that information had already been priced in to New Zealand stocks.
Even this week's very strong September retail sales data failed to give the retail stocks much impetus.
He said there would be keen interest in Carter Holt Harvey's nine-month result on Wednesday to see if analysts can glean positives.
Turnover in Telecom, which was up 5c at 504, was worth two thirds of the total market turnover.
Baycorp Advantage rebounded 23c to 318 from its recent harsh treatment.
Another to have suffered recently, Restaurant Bands, rose 9c to 168. A large seller who has been unloading the stock on concerns about the performance of RB's Victorian operations had withdrawn from the market.
The Fisher & Paykel twins were in the positive, Appliances ups 14c to 990 and Healthcare up 7c to 975.
Scott Technology rose 25c to 215 following its annual result yesterday. It reported potential in Asia and rebounding United States orders had boosted the after-tax profit almost six-fold this year, to $2.43 million.
The strong result, forward contract orders and strong sales inquiries had prompted a total 11c per share dividend this year -- the third 11c dividend in the past four years -- and a one-for-eight share issue.
AMP rose 30c to 1340.
Newly listed Turners Auction rose 6c to 241.
Lion Nathan was up 5c to 605, Carter Holt was up 1c to 163 and Contact Energy was up 2c to 382.
The Warehouse was up 5c to 724 and as was Briscoe to 243 following this week's strong retail sales.
There were 47 rises and just nine falls among the 94 stocks traded.
- NZPA
12.00pm
The New Zealand sharemarket responded to Wall Street's pumping 3.4 per cent gain with a modest 0.8 per cent rise in early business today.
Forsyth Barr Frater Williams executive director Don Turkington said the rise was "sensible" given New Zealand was so distant from the drivers of growth.
He also suspected the
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