The New Zealand sharemarket moved up in early trade as Fletcher Building continued to strengthen following Wednesday's annual profit result.
Soon after the opening of the stock exchange today Fletcher shares were up 15c to 689, after rising 16c yesterday and 15c on Wednesday.
Investors are seen to
be interested in the stock on fundamentals, even though there is uncertainty about Fletcher's profit outlook.
Around 10.15am the benchmark NZSX-50 index was up 16.07 points to 3349.97, having lost 11.3 points yesterday.
Unlike Fletcher, the share price of top stock Telecom has struggled since the company reported its annual results last Friday, although in early trade today it was up 2c to 330.
Among other stocks to rise early were NZ Oil & Gas, up 4c to 151, Trustpower up 5c to 795 and The Warehouse up 5c to 355.
Steel & Tube Holdings shares rose 10c on small volume after yesterday reporting net profit fell 19 per cent to $22.5 million in the year to June 30 from a year ago as the business and its customers encountered a number of challenges.
Auckland Airport was up 2c to 204, Contact Energy added 2c to 852, while Restaurant Brands slipped 1c to 71.
Opus International Consultants rose 5c to 190, on top of a 3c gain yesterday after it reported first half net profit up 38 per cent to $9.1 million.
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In the US, stocks rose in thin trade as another decline in the price of oil buoyed hopes that consumer spending will recover and financial shares bounced back from a sharp two-day sell-off.
The market had initially fallen after government data showed consumer prices rose at twice the rate expected in July, while weekly jobless data showed further deterioration in the labour market.
"Crude oil's pulling back has taken the pressure out of the inflation picture. This translates to a natural rebound in equities," said Craig Peckham, equity trading strategist at Jefferies & Company in New York.
The Dow Jones industrial average rose 0.72 per cent to 11,615.93, while the Standard & Poor's 500 Index climbed 0.55 per cent to 1292.93. The Nasdaq Composite Index was up 1.03 per cent at 2453.67.
- NZPA
