The New Zealand sharemarket made a thin but sound start to trading today, in the wake of a rise by US equities.
By 10.20am the benchmark NZSX-50 index was up 25.81 points to 3736.13, having closed down 18.28 points yesterday after a three-day rebound last week.
When the
market opened today rises outnumbered falls by 23 to 12 among 49 stocks traded, with turnover thin at 825,700 worth $1.6 million.
After a 24c fall yesterday, possibly due to aggressive selling in a thin market, Fletcher Building was up 11c early today to 1042, while Contact Energy added 20c to 770 on top of a 7c rise yesterday.
Top stock Telecom was up 3c to 412, having ended flat yesterday.
Other stocks rising early today were Auckland International Airport up 2c to 270, Infratil 6c to 260, Port of Tauranga 4c to 615, and Pumpkin Patch 2c to 242.
Also rising were Restaurant Brands, which gained 2c early to 85, Ryman Healthcare 2c to 190, Sky TV 3c to 540, and The Warehouse 2c to 575.
Stocks to fall early included Hellaby Holdings, down 2c to 227 and Nuplex 3c to 570.
US stock indices ended higher in a volatile session that opened with prices falling , as investors snapped up shares of manufacturers and downtrodden banks after more weak housing data bolstered expectations the Federal Reserve will slash US interest rates later this week.
The Dow Jones industrial average was up 177.29 points at 12,384.46. The Standard & Poor's 500 Index was up 1.75 per cent at 1353.88. The Nasdaq Composite Index was up 1.02 per cent at 2349.91.
- NZPA
