The New Zealand sharemarket rode out the storm on global financial markets this week to find some calmer going today.
The benchmark NZSX-50 index closed up 28.208 points, or 0.893 per cent, at 3187.128, which was off its best levels but better than yesterday's 3.4 per cent fall.
In keeping with the theme of the week events offshore drove the market. The United States policymakers pledged to work through the weekend on a broad plan to address the financial crisis and Britain cracked down on short selling of bank stocks.
The Reserve Bank of New Zealand put out a reassuring statement and made some changes to the facilities available to banks to improve liquidity.
The Dow Jones industrial average jumped 3.9 per cent to 11,019.69 and the Standard & Poor's 500 Index climbed 4.3 per cent to 1206.51.
It was the biggest one-day percentage gain since October 2002 - when the last bull market was born and triggered steep rallies in Asian markets.
Telecom was up 5c early but ended down 1c at 272, while Contact, its challenger for the title of biggest listing, eased 4c to 857.
"This was certainly the worst week I've experienced," said Brad Gordon, investment adviser at Macquarie Private Wealth.
He said sentiment was badly tarnished but there had not been much panic selling this week. Rather, buyers had taken to the sidelines.
The moves by authorities to free up credit would help corporates and sentiment.
"Most clients are sitting tight. They've just ridden the storm and it is a matter of just being in the right companies," he said.
Fisher & Paykel Healthcare was up 8c to 316, Tower was up 2c at 184 and Pike River Coal was up 8c at 152. Sanford rose 15c to 550 and GPG rose 3c to 123.
Fletcher Building rose 3c to 698.
Others to gain included Cavalier 7c to 265, Infratil 3c to 215, The Warehouse 5c to 312, Mainfreight 12c to 678 and SkyCity 1c to 355.
There were 67 rises and 26 falls and turnover was worth $128.54 million.
- NZPA
