NZ stocks: Sharemarket keeps rising

The New Zealand sharemarket started trading with a lift as the benchmark NZX-50 index stretches towards the 2900 level last seen in late October.

Rises every day last week took the index from around 2720 points at the start of trading on Monday to 2873 points by the close on Friday. Around 10.15am today the index was up 19.8 points, or 0.7 per cent, to 2892.94.

Investors around the world are hoping economic data is indicating that the global recession may be reaching a bottom.

Among leading shares here today, Telecom was up 6c early to $2.78, Fletcher Building gained 3c to $7.05, and Contact Energy lifted 2c to $6.25.

Shares in sharemarket operator NZX were up 51c, or 6.6 per cent, to $8.25. After the market closed on Friday NZX announced details of a pro-rata renounceable rights issue to raise up to $20.55 million.

Another big early riser was dual-listed Telstra, which gained 20c to $4.30. Mainfreight lifted 14c to $5.00, Port of Tauranga up 9c to $5.99, Pike River Coal gained 10c to $1.12, and Cavalier Corp lifted 5c to $1.80.

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In the US on Friday, the Dow Jones industrial average gained 2 per cent to 8574.65, the Standard & Poor's 500 Index rose 2.4 per cent to 929.23, and the Nasdaq Composite Index climbed 1.3 per cent to 1739.

- NZPA