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Firm Start To The Week By NZ Sharemarket

Fuseworks Media
Fuseworks Media

Wellington, Dec 7 NZPA - The New Zealand sharemarket started the week firmly, with solid early rises recorded by leading stocks Contact Energy and Fletcher Building, while stock exchange operator NZX surged forward.

Around 10.15am, the benchmark NZSX-50 index was up 11.2 points to 3157.66, having lost 7.5 points on Friday.

Contact was up 5c early to 590, while Fletcher gained 6c to 787, and NZX was up 11c or 1.4 percent to 801.

Port of Tauranga gained 7c to 712 on low volume, Sky TV was up 2c to 470, Goodman Property Trust lifted 2c to 105, and Freightways was up 2c to 317. Telecom gained 1c to 242, after falling 6c on Friday.

Among stocks falling early, NZ Refining Co was down 3c to 412, and Ryman Healthcare fell 3c to 205.

In the United States, stocks advanced on Friday (local time) as data showed the economy shed far fewer jobs than expected last month, brightening the outlook for the economy and profits.

The Dow Jones industrial average gained 0.2 percent to end at 10,388.90, the Standard & Poor's 500 Index added 0.6 percent to finish at 1105.98, and the Nasdaq Composite Index rose 1 percent to close at 2194.35.

For the week, the Dow rose 0.8 percent, the S&P 500 gained 1.3 percent and the Nasdaq advanced 2.6 percent.

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