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Fletcher Building, NZX Index Gain In Early Trading

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Feb 17 NZPA - The NZX-50 opened up today, gaining almost 17 points within half an hour of the market's open today.

The benchmark index was at 3104.565, up 0.55 percent, from its 10am open today. Following the release of its half-year results today, Fletcher Building gained 24c to 788. Telecom stood at 233 with no change, Skycity stayed at 319 and Contact gained 4c to 565.

NZ Oil and Gas gained 5c to 155, Auckland Airport gained 2c to 185, Air New Zealand gained 1c to 134, the Warehouse gained 2c to 380, Tourism Holdings gained 1c to 91, Mainfreight gained 4c to 580 and Nuplex gained 2c to 323.

Stocks to fall in early trading included Fisher & Paykel Appliances, down 1c to 62, NZ Refining shedding 5c to 350, ING Property down 1c to 73 and Cavalier down 3c to 252.

US stocks posted their biggest daily percentage gain in three months on Tuesday after strong revenue from drugmaker Merck and regional manufacturing data instilled confidence in the economic outlook.

Resource-related shares were among the strongest gainers as a weaker US dollar sparked buying in oil and other commodities.

"Earnings have been strong and people are starting to believe the recovery we're seeing in the economy is real," said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore.

The S&P resumed weekly gains last Friday after four consecutive weeks of declines, which were triggered in part by fiscal weakness in Greece and other euro zone countries as well as uncertainty about China's moves to curb bank lending.

The Dow Jones industrial average rose 169.67 points, or 1.68 percent, to 10,268.81. The Standard & Poor's 500 Index added 19.36 points, or 1.80 percent, to 1,094.87. The Nasdaq Composite Index gained 30.66 points, or 1.40 percent, to 2,214.19.

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