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Fletcher Building Shares Keep Climbing As Nzx Starts Well

Fuseworks Media
Fuseworks Media

Wellington, Aug 13 NZPA - Fletcher Building shares continued their ascent in early trading, after the company reported better than expected results yesterday.

On top of yesterday's 56c -- 8 percent -- rise, Fletcher Building shares were up another 15c in the first few minutes of trading today to 773.

The market as a whole had a sound start after stocks powered higher in the United States as the Federal Reserve said it saw signs of a more stable economy.

Around 10.15am the benchmark NZSX-50 index was up 24.54 points to 3104.23, following a 24.2-point gain yesterday.

Stocks rising early included Port of Tauranga up 10c to 660, Contact Energy up 5c to 630, NZX up 5c to 790, Nuplex up 5c to 220, and Steel & Tube up 5c to 316.

Sky City gained 3c to 338, Telecom added 3c to 279, Auckland Airport was up 2c to 172, Guinness Peat Group added 2c to 80, Mainfreight was up 2c to 497 and Sky TV lifted 2c to 459.

Dual-listed bank ANZ was up 50c early to 2455.

In the US, the Fed said the economy was leveling out, and it left interest rates unchanged at the end of its two-day policy meeting.

The Fed also said it will extend the duration but not the size of a programme to buy long term government debt, which is part of its effort to revive credit and stimulate the economy.

"The Fed admitted the economy is getting better, but not so much better we're going to be terminating all of our programmes, which is what everybody was afraid of," said Doug Roberts, chief investment strategist at in Shrewsbury, New Jersey.

The Dow Jones industrial average gained 1.3 percent to close at 9361.61, the Standard & Poor's 500 Index rose 1.2 percent to 1005.81, and the Nasdaq Composite Index added 1.5 percent to 1998.72.

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