The New Zealand sharemarket bounced back early from yesterday's 0.9 per cent fall, as leading stocks gained ground after falling in the sell off yesterday.
A few minutes after the market opened today Fletcher Building shares were up 7c to $8.49, Contact Energy rose 4c to $6.40 and Telecom gained
2c to $2.19.
Around 10.15am the benchmark NZX-50 index was up 20.1 points, or 0.6 per cent, to 3302.29, having yesterday fallen 29.1 points after markets saw fraud charges against Goldman Sachs and disappointing earnings reports in the United States as a reason to sell off shares.
Nuplex was up 8c to $3.20 after falling 14c yesterday. The Securities Commission has announced it is filing civil proceedings for non-compliance with continuous disclosure requirements. The company is vigorously defending the charges.
Other stocks rising today included Mainfreight, up 7c to $6.60, Sky City up 4c to $3.24, Fisher & Paykel Healthcare up 4c to $3.45, Tower up 3c to $2.03, and NZ Refining Co up 3c to $3.83.
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In the United States, stocks rose as investors reassessed the potential damage of the fraud case against Goldman Sachs and earnings optimism grew.
Investors said the furore over Goldman started to die down during trading, allowing people to refocus on coming earnings.
The Dow Jones industrial average rose 0.7 per cent to 11,092.05, the Standard & Poor's 500 Index added 0.5 per cent to 1197.52, but the Nasdaq Composite Index edged down 0.1 per cent to 2480.11.
- NZPA
